《大行報告》摩通上調攜程-S(09961.HK)目標價至306元 評級「中性」
摩根大通發表研究報告指,攜程-S(09961.HK)首季業績表現強勁,相信勢頭將於未來一至兩季度內持續,故將其今年經調整淨利潤預測上調至較2022年增長近四倍,比2019年高出5成。然而,由於國內旅遊增長放緩和利潤率正常化,該行預計2024年的增長率將迅速放緩至7%,又預計未來12個月其股價將在34美元至40美元之間徘徊。該行重申其「中性」評級,目標價則由290元上調至306元。
該行補充,集團較難維持目前國內的營運利潤率,因為增加業務量需要提高服務能力,而美團和抖音亦為其帶來潛在的競爭風險,料其2024年國內營運利潤率將按年下降3個百分點。該行預計集團2024年收入及經調整每股盈測將分別增長14%和7%。
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