《大行報告》花旗:攜程(TCOM.US)第三季增長勢頭加速 上調目標價至49美元
花旗發表報告指出,攜程-S(09961.HK)(TCOM.US)次季業績一如預期穩固,增長並於第三季加速。管理層指公司於7月及8月的國內酒店預訂量較疫情前水平增長70%,相對全行業酒店每間可售客房收入(RevPar)則較2019年水平高出10%。至於出境酒店和機票預訂量恢復至2019年水平的80%以上,國際航空業客運量則恢復至介乎50%至55%,意咪著市場份額穩步增長。
該行預測,攜程第三季收入增長將較2019年水平加快至30%,而隨著被壓抑的需求釋放後,公司第四季收入增長料將放緩至27%。該行保守地預測公司第三及第四季的非通用會計準則經營利潤率為31%及15%。惟如果行業需求持續,相信有進一步上行潛力。
此外,該行對攜程2023至2025年盈利預測分別上調29%、27%及23%,以反映強勁的勢頭。對其美股目標價由47美元上調至49美元,維持「買入」評級。
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