《大行報告》中金升首都機場(00694.HK)目標價36%至8.3元 板塊投資情緒上漲
中金發表報告,指首都機場(00694.HK)免稅業務為業績核心驅動力,認為公司國際線客流已開始復甦;人均免稅消費在品類改善、經營商實力提升的背景下有望獲得較明顯提升;免稅合約存在不作大幅修改的可能性。
報告預期2024年公司免稅業務業績貢獻有望超越疫情前水平。該行下調首都機場2022年盈測,至虧損26.92億元人民幣(下同);並維持2023年扭虧轉盈錄純利5,700萬元預測不變;報告亦上調2024盈測8%至18億元,主要是上調了免稅客單價預測。
中金上調首都機場估值基礎,由預測明年市盈率14倍升至18倍,主要考慮公司疫情前估值受多個負面因素干擾,同時當前出行恢復提速,市場對板塊投資情緒上漲,上調目標價36%至8.3港元,維持「跑贏行業」評級。
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