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大行評級|建銀國際:下調中國中免目標價至94港元 下調今明兩年盈測
格隆匯 04-08 14:36
建銀國際表示,相信中國中免今年收入增長靠銷量帶動,受中國疫後重啟旅遊增加支撐,近日海南省免簽證政策擴大至59個國家,亦推動了這一趨勢。但該行指,儘管旅客數量增長,對消費者人均開支看法審慎,中國中免正優化產品供應,強化貨品組合以提升利潤率。該行料公司今年收入及盈利分別按年升20%及21%。該行亦關注去年1月上任的總經理請辭,為去年1月以來第3名高層變動,管理層變動頻繁引發市場憂慮公司執行長期增長策略的能力。但該行指出,政府若放寬免税店開設政策,可為股價帶來短期催化劑。該行下調對中國中免今明兩年盈利預測17%及22%,以反映公司收入及盈利率增長較慢,目標價由105港元降至94港元,重申“跑贏大市”評級。
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