《大行報告》瑞銀降中國中免(01880.HK)目標價至142元 業績符預期
瑞銀發表研究報告指,按中國企業會計準則,中國中免(01880.HK)第三季收入按年增長28%,大致符合早前公布的初步業績,當中核心業務毛利率提升至34.3%,較今年首季及次季持續改善。
考慮到中國宏觀經濟復甦溫和,以及海南打擊代購,可能會影響公司今年第四季銷售和盈利能力,加上機場免稅店客流及人均消費恢復均低於預期,中免近月股價疲軟。瑞銀認為,近期的不利因素可能已很大程度反映在股價表現上,憧憬針對中國出境旅客的市區免稅購物政策可能在明年推出,將屬重大正面催化劑,維持予其H股「買入」評級。
瑞銀將中免2023至2025年各年盈測下調9%、8%及8%,同時將目標價從153元下調至142元,對應預測明年市盈率約29倍。
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