大行評級|建銀國際:上調中國中免目標價至51港元 上調今明兩年盈測
建銀國際研究報吿指,中國中免第三季盈利按年跌53%,機場免税店的復甦不足以抵銷海南的負面影響,而市中心免税店的長期潛力亦有待發掘。該行料,在旅遊活動及節目有關的需求增加,加上去年的低基數,公司第四季收入跌幅會收窄至9%;預計第四季的利潤將下降14%,因為經營槓桿負面和更多的銷售及市場活動將對利潤產生影響。
該行重申對公司“中性”評級,H股目標價由50港元升至51港元,並預期短期內海南的經營環境對公司而言仍具挑戰性。該行分別上調了今明兩年的盈利預測4%及3%,以反映較高的毛利率。
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