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《大行報告》瑞銀下調同程旅行(00780.HK)目標價至17元 評級「買入」
阿思達克 05-24 09:42
瑞銀髮表報告指出,雖然同程旅行(00780.HK)首季業績超過預期,但該行下調對其預測,以反映今年餘下時間較爲謹慎的前景。該行相信,最近疫情爆發後,防疫措施料將繼續收緊。公司管理層指出,宏觀環境及旅遊活動自4月份起惡化,並差過2020年的水平,該行預期同程旅行第二季收入在去年高基數的情況下,將按年跌40%至45%,與該行早前預測一致。 該行對同程旅行今年第二季的收入預測按年跌44%基本不變,與公司指引相符,但將其第二季淨毛利率下調4.5個百分點,至5.8%。 此外,在消費者信心疲弱的情況下,全國各地可能於下半年持續收緊出行限制,並進一步抑制旅行需求,該行預期同程旅行下半年收入僅按年持平,但對其全年收入預測大幅下調11.3%。另對公司2023年收入增長更爲保守,將2022及2023財年的淨毛利率分別下調0.7及1個百分點。維持「買入」評級,目標價由18.5元降至17元。
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