《大行報告》富瑞上調同程旅行(00780.HK)目標價至17.4元 評級「買入」
富瑞發表研究報告指,同程旅行(00780.HK)第三季收入和經調整EBITDA符合預期,但非國際財務報告準則盈利則超出預期。該行將最近的疫情爆發納入第四季預測,並預計集團會在農曆新年前開展營銷活動,為2023年的行業趨勢做好準備。該行認為,近期的盈利影響屬暫時性質,並會繼續進入復甦步伐。該行將集團目標價由16.7元上調至17.4元,予「買入」評級。
該行表示,考慮到最近的疫情,預計集團第四季總收入按年下降約23%(原預測下降10%)。按細分市場劃分,料季內住宿及交通收入將分別下降約13%和33%。在住宿方面,預計隨著補貼和增值服務的改善,入住率將會上升,但被酒店數量下降22%所抵銷。在交通方面,料航空票務量將按年跌約37%,而地面票務量下降幅度較小,主要是由於巴士票務的按年正增長。該行估計,集團明年第四季的非國際財務報告準則淨虧損約為4,200萬元人民幣。
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