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《大行報告》匯豐研究首予中國中免(01880.HK)「買入」評級 目標價293.4元
匯豐研究發表報告指,中國中免(01880.HK)AH股由年初到現時為止已經下跌14至17%。投資者憂慮內地恢復出境遊可能會減少在海南的銷售;疫情後利潤率可能不會迅速恢復;隨著機場業主開始加租,成本壓力上升;如果海南在2025年成為自由貿易區,公司可能失去對國際品牌的吸引力。 但該行認為中國中免在海南的離岸免稅業務仍將是最大的利潤驅動力,它佔2021年銷售額的58%,遠高於2019年的15%,主要由於受惠政府在疫情期間推出的政策,要在內地建立一個更大的免稅市場,並把握以前流向海外的旅遊消費。首予該股「買入」評級 目標價293.4元。
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