大行評級|麥格理:下調中國中免目標價至115港元 小幅下調今年至2026年純利預測
麥格理微降中國中免目標價,由116港元降至115港元,為今年預測市盈率25倍。該行同時下調對該股今年至2026年純利預測0.8%至1%,以反映公司今年首季初步業績。該行指,中國中免今年首季收入按年跌9%,但遠勝於海南離岸免税店業銷售的按年跌兩至三成,反映機場免税店業務顯著改善。日上上海純利率由去年上半年的收支平衡改善至去年下半年的2.6%,相信機場租務合約今年更新、完成去庫存、價格調整及貨品改善將導致業務強勁復甦。該行又指,公司今年首季毛利率按季升0.7個百分點至32.7%,渠道調查顯示海南化粧品庫存較去年減少三分一,與雅斯蘭黛及歐萊雅對亞洲旅遊零售業務今年下半年正面展望相符。隨着更多奢侈品牌在海口市國際免税城開店,管理層對該中心的增長潛力持正面看法。
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