《大行報告》摩通上調同程藝龍(00780.HK)目標價至17元 評級「增持」
摩通發表的研究報告指,同程藝龍(00780.HK)首季表現好過預期,該行將其2021-22年每股盈利預測升約5%,以反映公司成本管控見效。管理層在業績電話會議上對復甦之路感樂觀,並預期6月份收入可回復至90%,特別是在低端城市公司市場份額正在增加。
雖然公司股價最近兩月已升50%,該行仍維持「增持」評級,認為公司可受惠本地遊復甦,加上估值相對吸引而公司亦有較強的執行能力,目標價由16元升至17元,意味有27%的潛在上行空間。
該行認為,疫情爆發後公司很快推出成本管控的措施,將首季經營開支下調約30%,除了削減銷售及營銷開支外,公司亦下調了頗多的固定經營開支,包括是裁減人手等,而公司亦有信心可透過更好的成本架構渡過今次難關,估計其領先行業的盈利能力可進一步勝過疫情前。
該行指出,4月份公司收入僅回到去年同期的六成,復甦步伐令人失望,主要是受高端城市拖累,但認為隨著高端城市亦開始鬆綁,今月勢頭已有改善,公司估計5月份收入可回復至逾70%的水平,而6月則可回復至逾90%的水平。
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