大行評級|大摩:下調中國中免目標價至60港元 下調收入及純利預測
摩根士丹利的研究報吿指,將中國中免目標價由85港元下調至60港元,維持“與大市同步”評級,下調2024年及2025年的收入預測13%至14%,削純利預測6%至14%,料今年純利預測為13億元。大摩指,海南4至5月的實體店免税銷售比該行在5月初預期的更差,目前該行料海南整體免税銷售將錄得500億元,而內地整體旅遊零售銷售今年將大致按年持平。而該行認為,內地不會在三中全會上調税率。該行亦料,中國中免今年次季的收入跌幅進一步擴闊至按年跌13%,惟該行也認為,公司的營運毛利將持續擴張至次季的12.6%,毛利率的上升和銷售費用的下降抵消了部分經營槓桿的作用。
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