大行評級|大摩:上調同程旅行目標價至24港元 上調2024及25財年收入預測
摩根士丹利發表研究報吿,將同程旅行2024及2025財年的收入預測上調1%,並將2025財年的企業價值倍數提高至9倍。該行指,最近清明節假期表現強勁,加上對五一黃金週假期的高預期,將推動公司每股盈利的積極修正。該行引述同程旅行於清明假期期間,國內酒店間夜量(Domestic room nights)按年增65%。除了高於農曆新年期間的按年增長30%以上,亦高於該行對2024財年第一季15%至20%增長的預期。
大摩亦預計,同程旅行今年第一季度的在線旅行社(OTA)收入將按年增加25%。主要受惠當中酒店業務收入按年增15%;交通業務收入按年增25%;其他業務收入按年增45%;及旅遊收入錄5億元。同時公司將其業務成長變得更多元化,包括開拓至酒店管理、出境遊、原生應用程序及跟團旅遊等,均有望推動公司2024財年收入增長約50%。該行預計消費者會將其消費模式,更多由購物轉向旅遊或體驗。今年中國的旅遊需求將保持強勁,並帶動同程旅遊繼續獲得更多市場佔有率,將其目標價由21港元上調至24港元,評級“增持”。
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