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《大行報告》瑞銀上調同程旅行(00780.HK)目標價至23元 評級「買入」
阿思達克 01-20 14:16
瑞銀發表評級報指,即使內地確診人數上升,去年12月份的旅遊需求較預期好,在本地或短途休閒和商務旅行推動下,有按月改善。 展望今年首季,由於春節旅遊活動增加,料運輸業務繼續呈現強勁的反彈。新一年,同程旅行(00780.HK)鐵路車票及航空售票數量分別呈單位數及雙位數增長,而近期在平台上,農曆新年預訂鐵路車票及航空機票量增長進一步擴至31%及27%,意味著被壓抑的需求強勁,尤其是長途旅行。 該行將公司去年第四季及今年收入預測分別上調4.6%及5.7%,以考慮到近期防疫措施改變以及被壓抑需求強勁,並調整今年首季收入為按年3.9%增長(原預測跌1.5%),全面地恢復2019年首季水平;而全年收入則按年增34.4%(原預測增28.4%),較2019年水平高出19.2%。 該行將公司去年第四季調整後淨利率上調4.5個百分點,主要是經營槓桿,並維持公司今年毛利率預測大致上不變,達17.2%,相應將公司去年及今年每股盈測分別上調11.4%及6.3%。該行將其目標價由17.5元上調至23元,維持其評級為「買入」。(ca/u) ~
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