大行評級|大摩:予攜程目標價64美元 假設目前市盈率維持下股價可在5年內翻倍
大摩發表報吿指,攜程公佈發行最多13億美元可換股債權,並附回購選項。債券票面息率0.5至1釐,轉換溢價30%至35%。該行預測,攜程非美國公認會計准則淨利潤將由2024年預測的近170億元增至2029年的340億元。基於公司目前非美國公認會計准則2024及2025年預測市盈率15倍與12倍,以及長遠逾半收入來自境外及國際旅遊,在假設目前市盈率維持下,股價可在5年內翻倍。該行指出,假設以轉換溢價35%及轉換價68美元計算,意味餘下轉換價值約為7億美元,可由以每股100美元發行700萬份美股預託證券結算,意味按第二季已發行6.76億股計算,攤薄效應約1%。該行目前予攜程美股預託證券目標價64美元,評級“買入”。
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.