《大行報告》高盛首予中國中免(01880.HK)「買入」評級 目標價196元
高盛發表研究報告,首次給予中國中免(01880.HK)「買入」評級,指出集團是中國領先的免稅營運商,雖然隨著內地發放更多免稅經營許可證,市場競爭增加,但相信在當局專注於將中國海外支出匯回境內的方針下,公司仍處於有利地位。
該行預計至2025年,中國旅客於全球免稅店消費將翻倍,增長至達到690億美元,其中中國免稅店的份額將提升至51%,對比疫情前中國免稅店僅佔全球免稅消費的24%,而韓國DFS為50%。
高盛指出,8月以來疫情打擊海南市場, 預計集團業務要至9月下旬才可恢復正常化,憧憬免稅銷售可能於即將到來的10月黃金周假期內反彈,加上預計集團的利潤率可能已經見底,預測中免集團2023財年盈利將強勁復甦,達到近150億元人民幣。
考慮到近期疫情影響及在港上市的股份稀釋,高盛將2022至2024年每股盈利預測下調16%、5%及5%,目標價為196元。
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