《大行報告》高盛:攜程(TCOM.US)第三季業績勝預期 第四季指引符預期
高盛發表研究報告指,攜程(09961.HK)(TCOM.US)第三季業績超出市場預期及公司增長指引,在國內和國際旅行復甦及有效的成本控制幫助下,非通用會計準則下經營利潤達12億元人民幣。毛利率提升至81.6%,主要是受惠於利潤率較高的住宿業務收入貢獻提升。剔除公允價值變動後公司由虧轉盈,錄得淨利潤約10億元人民幣。
該行表示,雖然內地疫情再現,但攜程的國際業務年內表現持續改善,為第三季收入貢獻約15%至20%。展望第四季,公司預測收入可按年持平或增長5%,達到47億至49億元人民幣,相當於疫情前將55%至60%水平,符合預期。高盛又預測,Trip.com在今年第四季營運虧損料達到1.97億元人民幣。
高盛對攜程給予「買入」評級,港股目標價306元,美股目標價為39美元。
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