Market Brief

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譚思聰先生 (Gary Tam)
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現任輝立証券分行經理, 樂意為客戶提供投資股票策略及期權分析,對提高投資組合回報有豐富經驗, 歡迎各位來電交流心得。
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中國國旅 (601888.SH)

Monday, September 30, 2019 Views393

 CITS (China International Travel Service Corporation Limited)

中國國旅  (601888.SH)

 

 

中國國旅集團有限公司 (CITS Group Corporation),簡稱國旅集團,為國有企業(集團),是香港中旅集團下屬全資子公司。 集團的業務範圍囊括旅行服務、 免稅品經銷、 房地產開發與管理、交通運輸、電子商務等綜合服務,具體包括:(a)旅行社業務 -  國旅總社 ; (b) 旅遊零售業務 - 中免公司,經營管理全國口岸和市內免稅商品銷售業務; (c) 綜合項目投資開發  - 國旅投資公司,主營業務是旅遊商業綜合項目投資開發、旅遊景區景點投資開發和旅遊資產管理  。

 

基本數據

上市日期: 2009/10/15

發行價(): 11.78

首日開盤價(): 16.11

收盤價: 93.01 (9 27日收市價計算)

市盈率 (): 58.68

市帳率/資產淨值: 11.19 / 8.32

 

市值(百萬) : 1,816

派息比率: 34.7%

1個月股價變動(%): - 2.68% ; 3個月股價變動(%): +7.43%; 1年股價變動(%): +39.55%

 

財務摘要

 

截止2019年6月30日中期業績, 營業收入為243.4億  同比增長15%; 利潤總額為50.1億 同比增長63.7% 。 另外,銷售毛利率為29.5, 上年度為27.8 。公司總資產為276.9億 , 同比增長13.4% 。

 

公司是國內旅遊行業和免稅行業的龍頭企業,其免稅品銷售的境內市場份額排名第一。根據《中國500最具價值品牌排行榜》2016年,“國旅”品牌以412.67億元位列排行榜綜合排名第49位、旅遊服務行業第1位。

2019年中期業績反映免稅表現優於預期。  就中長期而言,  政策利好 (建設海口國際免稅城) , 國內消費潛力及海外回流貢獻免稅增量, 盈利增長空間仍可觀 。

風險:

< >系統性經濟風險,匯率貶值風險,政策風險 (國內開放免税經營權) , 免税店收入增速不及预期 行業競爭加大

www.aastocks.com.hk ; www.etnet.com.hk; www.afe-solutions.com; https://finance.sina.com.cn/stock/

 

 

I, Gary Tam, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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