《大行報告》瑞銀首予香格里拉(亞洲)(00069.HK)「買入」評級 目標價6.6元
瑞銀發表報告,首次覆蓋研究香格里拉(亞洲)(00069.HK),予其「買入」評級,目標價6.6元。該行表示,香格里拉於內地的租賃及自有客房組合比例達55%,預計當內地放寬本土旅行限制之時,集團的平均客房收益(RevPAR)料將迅速復甦。當內地重新開放國際旅行時,集團在其他市場的RevPAR估計也會有所改善。
該行預期,香格里拉今年至2024年的EBITDA年均複合增長率為66%,遠高於2016年至2019年的4%,EBITDA利潤率則料由15%提升至27%,主要受收入更快恢復、管理酒店組合佔比增長及精簡成本推動。另外,集團目前估值相當於預測未來一年企業價值倍數(EV/EBITDA)約6.2倍,低於全球同業的介乎11倍至14倍。
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