大行評級|瑞銀:上調同程旅行目標價至25港元 對長期潛力維持正面看法
瑞銀髮表報吿指,同程旅行首季業績符合預期,國內旅遊的穩健增長。該行對公司長期潛力維持正面看法,應受惠於低線城市網上滲透增長,不斷提升的國際業務,以及長期利潤率上升,並具有來自利潤成長的國際和酒店管理的變現潛力。
該行指,儘管公司在出境遊投資持續,包括改善用户認可度及強化供應鏈實力,基於經營槓桿,該行預期公司核心在線旅遊平台利潤率在今年維持相對穩定的18.3%水平,對比去年的18.5%。該行亦預期未來數年情況逐步改善,因受經營效益改善及高盈利出境遊業務擴大規模帶來的支持。
該行上調對同程旅遊今明兩年每股盈利預測1.8%及1.6%,目標價由24港元上調至25港元,維持“買入”評級。
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