大行評級|高盛:上調攜程目標價至500港元 上調2024至26年經調整每股盈測
高盛發表報吿,指攜程首季業績穩固兼勝預期,收入按年升29%至119億元,接近公司指引上限。税息前盈利(EBIT)按年升44%至38億元,高於市場預期的32億元,受惠經營效率勝預期,因產品開發及一般行政成本開支比率按年及按季均有所下降。該行在與管理層洽談後,認為管理層對海外遊及Trip.com平台前景仍持正面看法,但對國內看法略較審慎。次季至今整體國內相關收入按年升幅放緩至中單位數,部分由於去年同期重新開放下基數較高。展望今年全年,該行大致維持對其收入預測於528億元,意味按年升19%,EBIT利潤率預測由原先27.7%上調至30.1%,意味按年進一步擴張0.5個百分點。該行對其今年全年盈測升13%至160億元,明後兩年料各年再升16%。該行相應升2024至2026年經調整每股盈測13%至17%,H股目標價相應由439港元升至500港元,評級“買入”。
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