《大行》美銀證券上調攜程(09961.HK)目標價至652元 重申「買入」評級
美銀證券指,攜程(TCOM.US)(09961.HK)第二季淨收入按年增長16%,非公認會計準則經營溢利率31.4%,超出公司指引及市場預期。酒店和交通收入分別按年增長21%和11%,受惠高於同業的雙位數交易量增長,但部分被國內酒店平均每日房價及國內與出境機票價格低至中單數下降抵消。
該行預計下半年這種定價壓力將持續存在。管理層亦指出夏季旅遊預訂需求強勁且交易量增長強勁,儘管價格持續按年下降。該行預測第三季收入按年增長14%,略低於第二季,反映旺季基數較高,包括全國範圍大雨、東南亞夏季安全問題等宏觀不利因素,以及國內旅遊和國際競爭的小幅增加。
該行上調對攜程目標價,由550元上調至652元,重申「買入」評級。
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