《大行報告》大和降香格里拉(亞洲)(00069.HK)目標價至8.5元 降低成本仍為重點
大和發表研究報告指,香格里拉(亞洲)(00069.HK)去年下半年利息、稅項、折舊及攤銷前盈利(EBITDA)有效份額高於市場預期,不過集團同期扣除少數權益後的稅後經營溢利(PATMI)卻未達市場預期,主要受累於融資成本及管理成本高於預期。
至於今年農曆新年期間,集團主要市場的每可用客房收入(RevPar)創歷史新高,管理層對今年的進一步復甦充滿信心,目標是RevPA按年增長逾10%。該行指休閒旅行的貢獻雖依然強勁,不過預計商務旅行和跨境旅行的進一步復甦,將成為集團RevPAR的額外動力。主要受香格里拉前十名企業客戶大多為非國有企業,因此受國營企業預算控制的影響較小;隨內地政府宣布多項免簽計劃,中國跨境旅行現已恢復至新冠疫情前約80%水平;以及一些關鍵垂直產業的復甦等因素影響。
至於利潤率方面,集團管理層對RevPar增長帶動EBITDA利潤率充滿信心,並承諾將集團人民幣貸款敞口由2023年下半年的25%,增加至2024年的50%。主要因為人民幣融資成本較美元低250個基點。大和將香格里拉2024年至2025年的盈利預測下調19%至20%,主要由於集團成本,尤其是融資成本仍高於預期。因此將香格里拉(亞洲)的目標價由9港元下調至8.5港元,重申「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.