《大行報告》中銀國際下調中免(01880.HK)盈測8-9% 因零售復甦較慢
中銀國際發表研究報告指出,中免(01880.HK)公佈第三季初步盈利數據,收入按年增長28%至150億元人民幣,純利按年增長93%至13億元人民幣,儘管盈利看似大幅改善,但主要由於去年同期基數較低,且有出行限制,期內經營溢利僅按年增長17%至16億元人民幣,可能令人失望。該行提及,公司純利較經營溢利強,或反映出部分非全資子公司的盈利能力惡化,以及包括機場免稅店在內的幾個關鍵渠道復甦相當緩慢。
該行認爲,由於出境旅遊復甦緩慢,國際航班客流量疲弱,以及宏觀經濟的不確定性持續,預期中免第三季機場渠道盈利能力疲弱,公司應於與機場重新制定租金協議,以便公司在短期內重新定價,但當中或需時實現。
從正面方面看,該行指中免第三季毛利率錄得強勁改善,達34.3%,優於今年第二季(32.8%)、去年第三季(24.7%),甚至是2021年第三季(31.3%),反映公司成本控制的持續改善,預計該趨勢將持續下去,併爲中免的長期利潤增長奠定基礎。此外,該行將公司2023至2025年每股盈利預測下調8%至9%,以反映零售業復甦放緩。對公司目標價122元,評級「買入」。
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