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《大行報告》瑞銀上調同程旅行(00780.HK)目標價至18.2元 評級「買入」
阿思達克 07-28 11:13
瑞銀發表研究報告指,雖然旅遊市場前景未明,但考慮到同程旅行(00780.HK)的業務相對更具韌性,而且盈利能力良好,因此持續看好同程。 瑞銀指,內地第二季度境內旅遊活動出現按月改善,航空客運量數據顯示按年跌幅從80%收窄至7月初的約30%,而同程的酒店間夜量按月跌幅亦降至單位數,預測第二季收入或達到公司指引的上限,即按年跌40%至45%。 該行預期在境內及短程旅遊推動下,期內住宿業務的表現應好過交通業務,同時成本控制措施下今年第二季淨利潤率料維持高單位數,全年料達約13%至17%。 瑞銀將同程第二季收入預測上調3.6%至12億元人民幣,並將淨利潤率預測提高0.3個百分點至6.1%,主要是由於6月份復甦進展良好,維持下半年收入按年持平的預測及「買入」評級,目標價則由17元上調至18.2元。
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