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大行評級丨中銀國際:同程旅行收購萬達酒店管理 將帶來最少5%全年收入增長
格隆匯 04-22 14:44
中銀國際發表研報提及,同程旅行(0780.HK)上週四(17日)宣佈擬以24.97億元人民幣對價,收購萬達酒店管理。該行認為,儘管該交易116倍的2024年市盈率初看偏高,但剔除非經營性虧損影響後,經調整的經營利潤倍數僅為10.6倍,估值趨於合理。該行認為,若相關交易能在今年下半年完成,將通過切入高端酒店領域顯著增強同程的酒店管理業務。該行預計,該資產全年可為同程至少帶來5%的收入增長及經調整營運利潤提升。中銀國際亦指,持續看好同程的發展前景,認為其通過併購強化差異化服務能力的戰略方向正確。
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