《大行報告》交銀國際:同程旅行(00780.HK)季績勝預期 目標價升至24元
交銀國際發表報告指,同程旅行(00780.HK)去年第四季度業績勝預期,收入按年增長110%,其中交通/住宿分別增長95%及73%,其他收入增長236%,主要因為旅行社業務併表。該行預計今年首季傳統在線旅遊代理商(OTA)業務,剔除併表旅遊業務影響的收入按年增長22%,全年OTA收入增長20%至25%,OTA利潤率保持穩中略有提升的趨勢。
該行預計首季度公司整體收入按年升43%,全年收入增長47%,其中併表旅遊業貢獻總收入的19%,將公司今年收入及利潤預測上調28%及7%,基於18倍預測市盈率不變,將目標價從22元上調至24元。公司在下沉市場具備優勢,出境產業鏈佈局雖在早期,預計收購旅遊業後將帶來資源協同及長期增長空間,維持其「買入」評級。(cy/k)
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