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《大行報告》匯豐研究上調攜程-S(09961.HK)目標價至374元 評級「買入」
匯豐環球研究發表報告指,攜程-S(09961.HK)(TCOM.US)去年第四季非通用會計準則淨利潤達到4.98億元人民幣,表現好過該行及市場的虧損預期,主要來自於強勁國際旅遊需求所帶動。 該行指出,集團旗下全球旅遊平台為總收入貢獻近20%,其中Skyscanner業務現時增長已超過2019年的水平,而專注於亞太地區的Trip.com平台亦正在亞洲重新開放的背景下加快發展步伐,預期公司對營銷支出的嚴格控制將帶來更好的利潤率表現。 憧憬國內商務出行需求強勁以及重新開放後出境遊業務持續復甦,該行預期攜程今年首季表現會向好;而酒店業務方面,由於擴張低線城市業務及消費場景趨向多元化,帶動酒店間夜量間夜量繼續增長。 匯豐研究預測攜程今年第四季非通用會計準則淨利潤將較2019年同期錄得增長,因此將2023年收入預測提高10%,對今明兩年收入預期較市場預測高5%至10%,該行重申對攜程「買入」評級,目標價從343元上調至374元。
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