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大行評級|星展:上調攜程目標價至500港元 評級“買入”
格隆匯 09-07 14:24
星展發表報吿指出,攜程是內地最大在線旅行平台,公司受惠於內地旅行開支增加、遊客對自由行旅行偏好的結構性轉變,以及海外業務擴張。該行認為,預期攜程由2022至2025年三年的收入年均複合增長率達45%,而2025至2032年期間的年增長率達中雙位數。長期的增長動力包括中低線城市和Z世代的旅行開支增加,遊客偏好轉向自由行,以及旅行體驗提升。星展指出,隨着休閒旅遊續增,出境旅遊持續復甦,估計下半年攜程收入增長1.06倍。該行對公司2023至2025年經調整盈測上調22%、12%及8%,以反映更好的營運槓桿。另維持對攜程H股“買入”評級,目標價由445港元上調至500港元。
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