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《大行報告》摩通升同程旅行(00780.HK)評級至「增持」 目標價上調至22元
摩根大通報告指,同程旅行(00780.HK)連續兩季收入及盈利創新高,簡單地視之為經濟重啟受惠股並不公平。該行認為同程旅行過去數年貫徹的執行及持續的市佔增長被市場忽視,為下半年及2024年業績持續的勝預期及上行提供良好基礎。該股現價僅為預測市盈率13至14倍,低於攜程(09961.HK)的18至19倍,認為足以視之為可持續的具質量增長股。摩通把該股評級由「中性」上調至「增持」,目標價由18元上調至22元。 該行預測同程旅行今年收入較2019年升六成,意味2019年以來年複合增長率達12%。該行假設同程旅行未來數年收入每年增長中十位數至高十位數,顯著跑贏同業。 該行預測未來三年該股非國際財務報表準則淨利潤率維持18%至19%,相對2019年的21%,意味該股上行風險大於下行風險。
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