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《大行》野村升攜程(TCOM.US)目標價至71美元 維持「中性」評級
野村發表研究報告指,攜程集團-S(09961.HK)(TCOM.US)第二季收入按年增16%,較市場預測高出1%;非GAAP經營溢利按年升10%,較野村預測高出10%。公司宣佈50億美元回購計劃,主要目標是抵銷由於員工股票期權造成的股權分薄。該行假設每年平均花費10億美元進行回購,根據最新的市值,料潛在資本回報收益率將爲2.3%。 該行表示,除了旅遊需求減弱,目前更憂慮阿里-W(09988.HK)可能決定加大對線上旅遊平臺Fliggy的投資。Fliggy和餓了麼分別是阿里在旅行和食品外賣服務中的兩個品牌。這兩項服務最近與淘寶和天貓業務合併,成爲阿里的核心業務之一。阿里巴巴已經加大了對食品外賣的投資,以獲得市場份額,因此該行憂慮這將促使阿里以相同的策略進軍OTA市場。 該行上調攜程今明兩年的非GAAP經營溢利預測1%及3%,維持公司「中性」評級,美股目標價由67美元調升至71美元。
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