《大行》麥格理升中國中免(01880.HK)目標價至87元 評級「跑贏大市」
麥格理研究報告指,今年7月海南離島免稅銷售額按年下降6.7%,客流量按年減少19.7%,但客單價按年上升16%。國際美妝及護膚品牌雅詩蘭黛(El.US)預期明年中國市場將有中個位數增長,全球旅遊零售業務改善,該行認爲趨勢對中國中免(01880.HK)有正面影響。今年上半年,中國中免在海南的市場份額按年升約1個百分點,該行預期市場整合將進一步加速。
該行將中國中免2025年純利預測下調6.4%,但上調26及27年預測0.8%及2.2%,因毛利率預測獲上調。估值基礎延展至2027年,以預測市盈率25倍計,目標價由73.6元升至87元,予「跑贏大市」評級。
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