《大行》匯豐研究:攜程集團(TCOM.US)出售MakeMyTrip持股可提升股東回報能力
匯豐研究發表報告指,攜程集團(09961.HK)(TCOM.US)將出售其在MakeMyTrip的持股。按最新股價計算,該行預計出售所得稅前收益約爲25億美元。回購建議完成後,攜程的持股比例將由45%下降至約20%,但仍爲MakeMyTrip最大的少數股東,並承諾支持其在印度的發展。
該行預期,攜程將利用出售MakeMyTrip的部分所得款項,結合回購及派息以改善股東回報,相信建議出售MakeMyTrip持股將有助提升投資者對集團的信心,並結構性地提高其股東回報能力。
該行重申攜程「買入」評級及目標價78美元。由於集團在國內的領導地位及不斷擴展的海外業務,因此仍是該行在中國航空及旅遊領域的首選股。
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