中金:上调中航信(0696.HK)目标价至23.7港元 评级“跑赢行业”
中金公司发布报告称,中国民航信息网络(0696.HK)当前股价对应2020年16.2倍市盈率,维持“跑赢行业”评级,考虑估值有望迎来修复,上调目标价9.2%至23.70港元。
该行称,公司向502名激励对象(主要为核心骨干人员,包括三名高管)授予35958950股股票增值权(占总股本1.23%),行权价格为18.66港元/股。首次授予的股票增值权将平均分三批分别自首次授予日起满两年、三年及四年后生效。
该行表示,股票增值权计划落地,利好公司长期盈利增长,且将公司利益与股东诉求绑定。股票增值权每批生效时前一财年的业绩指标均须达到目标(首次授予时的业绩指标包括扣非归母平均净资产收益率、营业收入三年复合增长率、经济增加值)。首次授予的财年为2018年,扣非归母ROE约为14.3%,2016-2018年三年的收入复合增长率为10.9%。
该行认为,2020-2022财年需要达到至少该水平,才能解锁股票增值权,对公司长期的收入增速和利润增长均提出要求。此外,第一期行权价为18.66港元,未来股票增值权的收益将取决于股价涨幅,与股东诉求一致。

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