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《大行報告》瑞銀下調同程旅行(00780.HK)目標價至19元 評級「買入」
阿思達克 03-24 10:21
同程旅行(00780.HK)去年純利7.23億元,按年升120.8%。瑞銀表示,同程的第四季度業績顯示了該公司在艱難的市場中的韌性,但監於最新疫情發展,下調了2022年的收入預期,以反映全年復甦放緩。該行降同程今明兩年每股盈測分別8%及12%,目標價由21元下調至19元,評級「買入」。 對於2022年第一季,同程管理層預料收入按年持平至增長5%,經調整淨利潤介乎2億至2.5億元人民幣,符合瑞銀預期,自3月初以來,包括所有一線城市在內的更多省份的新增病例激增,嚴重影響了境內旅遊,預計收緊的旅行限制將拖累第二季度的增長,尤其是在去年高基數下。不過,在被壓抑的旅行需求和更寬鬆的旅行政策的幫助下,今年下半年料將出現更有意義的復甦。 由於自3月以來預期影響更加嚴重,瑞銀將同程第二季收入預測從按年增長13.7%下調至按年下降4.1%,將2022年的收入預測下調10%至85億元人民幣,意味較2019年增長14.7%,同時維持2022年經營溢利率預測不變爲15.6%。
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