《大行報告》瑞銀下調同程旅行(00780.HK)目標價至18.5元 評級「買入」
瑞銀髮表研究報告表示,考慮到3月下旬以來內地疫情爆發,上海等城市實施封城措施,抑制國內商務及休閒旅遊活動,各地收緊旅行限制,第二季至今國內航空及火車客運量較疫情前水平下降80%至90%。
該行表示,雖然預計同程旅行的表現較行業優勝,但假設疫情影響旅遊活動持續至5月中旬,將導致第二季收入按年大幅下跌(尤其因爲去年基數高)。瑞銀對下半年的復甦仍持樂觀態度,預期在需求壓抑所推動下,第三季暑假期間行業將出現較強勁反彈,維持「買入」評級,目標價由19元下調至18.5元。
瑞銀維持對第一季預測不變,料收入按年增長2.7%;將第二季收入預測大幅削減42.9%至按年下降45.3%,與2019年同期相比則下降26.5%,第二季淨利潤率預測則降至10.4%;全年收入及盈利預測分別下調11.1%及14.3%。
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