《大行報告》瑞銀升攜程(TCOM.US)目標價至52美元 今年增長前景穩固
瑞銀發表研究報告指,攜程(09961.HK)(TCOM.US)去年第四季收入按年增長105.4%,較2019年同期高出24%,符合預期。季度經調整經營利潤率再度超出預期,達到25.6%,主要得益於毛利率穩健增長及營銷開支減少。
憧憬今年利潤率將逐步提升,該行預測攜程今年首季收入將達到116億元人民幣,較2019年同期增長42%。根據行業數據分折,瑞銀預計Trip.com的國內酒店及票務預訂量將按年增長15%及20%,跑贏行業表現,而出境遊業務則預期進一步恢復至疫情前約73%水平。
展望全年,瑞銀相信攜程出境及國際業務的增長可推動全年收入增長18.2%至526億元人民幣,並預計收入增長率在未來幾年將保持在10%左右,同時預期營銷效率提升及利潤率增長趨勢可持續,全年經調整經營利潤率料達28.3%。
瑞銀將攜程今明兩年收入預測上調2.1%及1.7%,由於利潤率前景向好,每股盈利預測亦上調11.2%及8.4%,美股目標價由48美元調升至52美元,港股目標價則由376元升至408元,維持「買入」評級。
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