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《大行》高盛:國內旅遊需求料保持健康 偏好OTA及濠賭股
高盛發表研報指,旅遊行業各垂直領域最新數據顯示,國內旅遊需求保持健康,但價格呈現分化趨勢,勞動節假期過後短途旅遊出現季節性放緩,商務旅行需求則受到宏觀不確定性影響而出現較大波動;長途旅遊方面,航空客流量按年增幅維持於約6%。 該行指,一眾航空公司及線上旅遊平台(OTA)對即將到來的夏季旅遊需求紛紛表示樂觀,該行目前預測第三季國內及國際航空客流量將分別按年增長6%及19%。雖然有投資者或對OTA及澳門博彩業競爭加劇感到擔憂,但高盛相信,京東-SW(09618.HK)(JD.US)進軍酒旅行業,短期內較難見到成效,更相信京東會優先投放資源以發展與核心零售業務協同性更高的外賣業務。 高盛表示繼續偏好澳門博企及OTA行業,憧憬今年第二季澳門博彩收入增速將重新加快至約4%至5%,對比首季為1%增幅,加上6月至9月基數較低,全年博彩收入增幅預測可能獲進一步上調,推動市場對行業盈測上調,目前仍看好銀娛(00027.HK)和金沙中國(01928.HK),均予「買入」評級。而在OTA中,高盛認為同程(00780.HK)利潤率更穩定,估值具吸引力,給予「買入」評級,目標價28.7元。 而在酒店行業中,高盛更偏好亞朵(ATAT.US),評級為「買入」。高盛並維持對中國中免(01880.HK)的「中性」評級,目標價從47元降至46.2元,以反映海南免稅銷售遜預期。
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