《大行報告》富瑞下調同程旅行(00780.HK)目標價至16.7元 評級「買入」
富瑞發表研究報告指,計及疫情因素,預期同程旅行(00780.HK)第三季收入將按年增長5%至20億元人民幣,較早前預期的增長7.4%爲低,達到增長指引的下限,當中主要受到9月份表現所拖累;非通用會計準則下淨利潤率預計將弱於預期。
細分業務中,該行預計第三季住宿業務收入將按年增長約25%,在現有及新增值服務帶動下,提成率預期將較去年同期提高。交通出行方面,預期收入將按年下跌12%,較早前預期的下跌2%幅度爲大。
近期疫情影響下,富瑞預測同程旅行第四季收入將按年下跌10%,對比早前預期爲增長7.5%,預料第四季總收入達到2019年同期水平約85%。
富瑞維持「買入」評級,目標價由18.5元下調至16.7元,看好同程旅遊的長期發展前景,預期公司在低線城市的線上滲透率將提升,但現時仍要而對宏觀環境不確定導致旅遊需求弱於預期等風險。
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