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《大行報告》瑞銀上調攜程-S(09961.HK)目標價至365元 評級「買入」
瑞銀發表報告指,攜程-S(09961.HK)首季業績勝預期,收入及利潤均超過2019年同期水平。該行上調集團盈利預測,H股目標價由350元上調至365元,維持「買入」評級,以反映各業務板塊的強勁復甦。首季攜程國內酒店預訂量較2019年增長40%,其中長途及本地酒店預訂量分別較2019年增長32%和150%。該行估算首季國內收入較疫情前水平增長逾30%。 該行表示,次季國內業務復甦依然強勁,五一期間航班及酒店預訂量較2019年增長25%及70%。該行預期,在強勁的季節性因素的幫助下,趨勢將在第三季持續,但由於缺乏旅行窗口和不能確定被壓抑的需求會持續釋放多久,相信第四季或會減弱。對於出境旅遊,集團的航班和酒店預訂量在首季回到了疫情前的40%,跑贏行業。該行料全年將進一步改善。 該行指,由於國內和國際旅遊復甦較預期快,集團第一季收入較預期好,將其第二季及全年的收入預測分別上調24.2%和16.6%,但由於基數較高,故下調了2024年打後的增長預測;另由於收入增加,將第二季及全年的非通用會計準則營運利潤率預測分別提高11及5個百分點,至29%和24.4%,並料其後利潤率將略為擴張。該行又將2023及24年的每股盈測分別上調49.9%及28.1%。
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