《大行報告》瑞銀削中國中免(01880.HK)目標價至102.4元 機場業務將成正面盈利催化劑
瑞銀發表研究報告,指考慮內地消費者信心疲弱及「代購」被打擊,對中國中免(01880.HK)海南銷售潛在負面影響,降其今明兩年每股盈測各16%。考慮去年下半年中免股價累挫近30%,該行認為負面因素已反映於股價。
報告稱,即使削減每股盈測,該行對中免機場業務看法更趨正面,料國際出行復甦將加快,考慮重點機場分店折扣率收窄,今年盈利料改善。此外,海南清關運作出台對離岸免稅品市場的影響或較市場原先預期為小。該行稱,公司估值吸引,H股較A股折讓達17%,自2022年H股上市以來平均折讓僅約10%。該行量化分析團隊料市場對中免的憂慮已完全反映於股價,其機場業務將成正面盈利催化劑,維持H股評級「買入」,目標價由142元大幅降至102.4元。
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