《大行報告》大和上調攜程-S(09961.HK)目標價至322元 評級「跑贏大市」
大和發表研究報告指,攜程集團-S(09961.HK)去年第四季收入及經營利潤均超出預期,今年首季收入前景亦向好,今年2月國際航線運力已恢復至2019年同期的15%,較1月份的8%顯著提升,憧憬至今年底將回復至2019年同期的70%至80%水平。
報告指,今年首兩個月出境旅遊預訂量按年增長超過三倍,預期首季在出境遊復甦及被壓抑的商務旅行需求強勁支持下,集團總收入將按年增長95%,非通用會計準則經營利潤率料達到19%。
然而,大和相信,短期內攜程收入復甦的利好消息已很大程度反映在現時股價表現上,預測今年全年總收入將恢復到2019年水平的95%,假設出境遊可恢復到2019年水平的50%,全年毛利率將穩定在78%至79%水平,非通用會計準則經營利潤率預料將從2022年的6.5%提升至今年全年的18.8%。
由於出境遊業務利潤率較高,該行預期攜程今年下半年收入復甦將較預期強,或推動盈利增長,將目標價由310元上調至322元,維持「跑贏大市」評級。
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