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《大行報告》瑞銀下調同程旅行(00780.HK)目標價至17.5元 評級「買入」
阿思達克 11-24 09:56
瑞銀髮表研究報告指,對內地本月提出放寬防疫措施感到鼓舞,惟實施需時,並預期旅遊活動會逐步錄得改善。該行下調同程旅行(00780.HK)短期的收入預測,以反映因疫情反彈而引致的旅遊需求復甦放緩。 報告稱,儘管集團7月和8月的表現強勁,但自9月疫情變得更加嚴峻以來,其增長趨勢已經惡化,管理層亦指情況在10月和11月未有改善。監於本季迄今表現疲弱,預計第四季收入按年跌23.6%。在短途及本地旅行的幫助下,預計住宿業務相對於運輸業務將保持相對具防守性,相信許多投資者正期待明年可以釋放被壓抑的需求。該行認爲,春節是衡量政策方向的下一個催化劑和影響旅客情緒的因素。 該行將同程第四季的收入預測下調13.9%至14億元人民幣,以反映近期低迷的旅遊需求,同時保持營運支出不變,這導致經營去槓桿,並將末季經調整淨利潤率預測從13.3%下調至負3%。在收入疲弱下,料同程持續的市務推廣開支將導致末季錄經調整淨虧損,該行料達4,300萬元人民幣。 瑞銀並略微下調同程明年上半年收入預測,料將導致2023年收入預測下調3.7%。該行將目標價由18元下調至17.5元,維持「買入」評級。
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