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《大行》大摩降新秀麗(01910.HK)目標價至24元 料第三季銷售跌幅收窄
阿思達克 08-12 14:21
摩根士丹利研究報告指,美國行業數據反映次季航空旅遊業表現一般,預期新秀麗(01910.HK)次季銷售額將跌7%,與首季跌幅相若。分區域而言,預期亞洲及美國將錄得高單位數跌幅,歐洲則大致持平。該行料EBITDA利潤率為16.8%,因銷售疲弱導致毛利率下跌及營運開支上升,預期EBITDA跌幅收窄至17%。 至於今年下半年,部分歐美航空公司表示第三季預訂需求有所改善,7、8月出行趨勢回升。美國運輸安全管理局(TSA)公布的旅客吞吐量第三季至今按年升逾1%,相較次季為下跌1%。由於基數較低,該行預計下半年新秀麗銷售跌幅將收窄至2%。 該行將2025至27年銷售預測下調5至6%,EBITDA預測下調10%至14%,而2025年收入及EBITDA預測分別下調4%和12%,料2026至27年將逐步恢復。因應盈利預測下調,目標價由28元降至24元,予「增持」評級。
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