《大行報告》大和升攜程(09961.HK)評級至「買入」 目標價上調至275元
大和發表評級報告指,攜程(09961.HK)今年次季業績表現強勁,其中國際業務收入優於預期,佔總收入的20%至30%,以及非通用會計準則經營利潤率亦勝於預期;該行表示,展望第三季表現較預期佳,料海外旅遊業務收入呈持續上升趨勢,及本地旅遊需求的韌性,推動加速集團今年下半年及明年的收入增長,而內地與香港兩地重開邊境是主要的催化劑。
該行預料,第三季總收入按年增22%,達2019年疫前水平的62%,主要是7、8月本地旅遊需求韌性及天巡網(Skyscanner)在歐美市場的表現;至於明年,該行預料總收入回覆至2019年疫前水平的95%,料於10月16日舉行中共二十大會議或會在重開邊境方面,提供一些明確的信息,對明年集團的出境旅遊收入方面呈上行空間,今年下半年盈利的下行風險似乎有限。
該行預料,第三季非通用會計準則經營利潤率達15.7%,全年則達8%,並將公司2023年至24年每股盈測上調6%至12%,以反映海外業務收入優於預期,並將其目標價由214元上調至275元,將其評級由「持有」升至「買入」。(ca/k)
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