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《大行報告》瑞銀上調攜程(TCOM.US)目標價至48美元 下半年增長展望更佳
瑞銀發表研究報告指出,攜程(09961.HK)(TCOM.US)次季再度實現強勁的收入及毛利,該行對公司下半年的收入預測作出上調,以反映夏季旅行的強勁復甦。行業數據顯示,內地航空公司7月及8月的客運量及酒店每間可售客房收入均較疫情前水平高出10%以上。而攜程繼續保持高於行業的增長,國內機票及酒店預訂量均較2019年高出20%至30%,及70%。 該行引述攜程管理層指出,上半年用戶增加旅行開支及頻率,並無跡象顯示旅行消費下降。因此,該行預期整個第三季和國慶假期(預訂量主要反映在第三季)將維持強勁勢頭,但第四季受季節性因素而有所放緩。在出境遊方面,公司最近幾個月以來的機票和酒店預訂均恢復至疫情前水平的80%,超過行業航班運力恢復速度約50%,該行預計未來幾個季度將出現按季改善。 此外,該行認為攜程下半年增長展望更佳,由於國內和國際旅遊復甦勢頭良好,將公司第三季及今年的收入預測上調8.9%及7.6%,但將明年按年增長預測由原來的19.9%,下調至16.5%,主要由於高基數影響。該行對公司第三季及今年的非通用會計準則下經營利潤率上調1.2及2個百分點,至30.2%及26.4%。對其美股目標價由47美元上調至48美元,維持評級「買入」。
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