《大行報告》建銀國際下調中國中免(01880.HK)目標價至105元 上季業績符預期
建銀國際發表報告指,中國中免(01880.HK)第三季業績大致符合市場預期,收入強勁增長主要因為到訪海南的旅客增加,毛利率持續改善,第三季為34.5%,高過第一季的29%及第二季的32.8%,受惠產品組合改善、渠道組合較佳、以及零售折扣減少,不過租金開支較預期為高,拖累上季經營利潤率進一步跌至9.3%,差過該行預期。
該行預期中國中免第四季銷售增長持續,估計到訪海口的旅客持續增加、節日假期消費氣氛改善、公司整合海口零售物業、以及去年同期比較基數較低,亦有信心毛利率持續改善,對於公司的盈利增長感到正面,;降今明兩年盈測分別8%及6%,並降估值基礎,由原先預測今年市盈率30倍降至28倍,H股目標價相應由122元下調至105元,以反映市場對於消費開支放緩的憂慮,維持「跑贏大市」評級。
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