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《大行》花旗:市場對同程(00780.HK)收購主題公園業務權益存疑 惟估值不高評級「買入」
阿思達克 07-29 11:27
花旗研究報告指出,大連聖亞(600593.SH)宣布與同程旅行(00780.HK)控股62.15%擁有的一家子公司進行私募融資,交易金額為9.56億元人民幣(下同)。雖然該交易尚待監管機構批准,但交易完成後,同程的子公司將擁有23.08%的股權和30.88%的投票權。儘管持股比例低於50%,花旗認為同程可能會將聖亞合併入帳,歸屬投資額約為5.94億元。 花旗認為,上述交易的理由如下:拓寬價值鏈上的產品供應;線下主題公園可成為用戶獲取渠道,並為機票和酒店業務提供交叉銷售機會;投資金額不大;收入多元化機會。然而,花旗表示,利潤率較低的主題公園業務可能拖累同程的利潤率軌跡,且同程能否在新增公園資產的情況下擴展管理能力仍存疑。儘管如此,花旗認為同程旅行昨日股價下跌可能反映了對收購的擔憂,認為在拋售後,現相當於預測2025年市盈率13倍的估值並不高,維持「買入」評級。 花旗對該股的目標價為26港元,基於預測2025年非國際財務報告準則(non-IFRS)每股盈利的16倍市盈率,較疫情前21倍的歷史平均值折讓,因收入增長放緩。
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