《大行報告》大摩上調新秀麗(01910.HK)目標價至27.4元 評級「增持」
摩根士丹利發表研究報告指出,今年全球旅遊市場開局良好,1月份的總收入乘客千米數(RPK)按年增長67%,當中亞太區增長115%,歐洲及北美各增長53%及42%。在中國重新開放下,亞洲需求將持續強勢。新秀麗(01910.HK)亞洲EBITDA利潤率較集團於2017至2019年的平均水平高出約7個百分點,因此亞洲強勁復甦或推動公司組合發生積極轉變。
此外,該行認為市場低估新秀麗於今明兩年的銷售及盈利增長潛力,並對歐美潛在衰退有關的任何消息反應過度。該行預期美國需求改善情況並無減弱,料今年下半年北美及歐洲銷售按年只增長3%至4%,但料全年銷售增長18%。
該行維持對新秀麗去年銷售及經調整純利預測大致不變,預期去年第四季公司銷售增長27%,經調整EBITDA料增長10%,經調整純利預測跌34%。目標價由26.1元上調至27.4元,評級「增持」。
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