《大行報告》瑞信上調攜程(TCOM.US)目標價至54美元 評級「跑贏大市」
瑞信發表報告指,攜程(09961.HK)(TCOM.US)首季業績遠勝預期,預期第二季業務增長將由強勁的國內旅遊趨勢所主導,而海外及國際旅遊仍然受到出境航班運力恢復所限制,預期要到明年及2025年國際旅遊業務收入增幅纔會恢復至十數個百分點的水平。
該行預測今年全年攜程經營利潤率將達到25%;在經營槓桿支持下,經調整經營利潤率預期至2025財年將提高至26.4%。報告指出雖然市場競爭加劇,但在定價上競爭格局仍相當穩定。
瑞信指出攜程估值水平不高,基於首季業績表現,將2023至2025年各年收入預測上調22%、18%及18%,經調整每股盈利預測調升31%、17%及16%,美股目標價由47美元上調至54美元,並維持「跑贏大市」評級。
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