Analysts Have Been Trimming Their Hainan Meilan International Airport Company Limited (HKG:357) Price Target After Its Latest Report
Analysts Have Been Trimming Their Hainan Meilan International Airport Company Limited (HKG:357) Price Target After Its Latest Report
Shareholders might have noticed that Hainan Meilan International Airport Company Limited (HKG:357) filed its half-yearly result this time last week. The early response was not positive, with shares down 5.0% to HK$7.40 in the past week. It was a pretty bad result overall; while revenues were in line with expectations at CN¥1.1b, statutory losses exploded to CN¥0.11 per share. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.
股東們可能已經注意到了海南美蘭國際機場有限責任公司(HKG:357)上週這個時候提交了半年報。早前的反應並不積極,過去一週股價下跌5.0%,至7.40港元。總體而言,這是一個相當糟糕的結果;儘管收入符合預期,為11億加元,但法定虧損爆炸式增長至每股0.11加元。盈利對投資者來說是一個重要的時刻,因為他們可以跟蹤一家公司的表現,看看分析師對明年的預測,以及對該公司的情緒是否發生了變化。我們認為,讀者會發現看到分析師對明年最新(法定)盈利後的預測會很有趣。
See our latest analysis for Hainan Meilan International Airport
查看我們對海南美蘭國際機場的最新分析
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230915/0-4dccb25ab53567312378a6ac372cf0b8-0-83cedd4a6790481905785b9b22d6ee03.png/big)
Taking into account the latest results, the most recent consensus for Hainan Meilan International Airport from nine analysts is for revenues of CN¥2.25b in 2023. If met, it would imply a huge 42% increase on its revenue over the past 12 months. Hainan Meilan International Airport is also expected to turn profitable, with statutory earnings of CN¥1.06 per share. Yet prior to the latest earnings, the analysts had been anticipated revenues of CN¥2.21b and earnings per share (EPS) of CN¥0.93 in 2023. There was no real change to the revenue estimates, but the analysts do seem more bullish on earnings, given the substantial gain in earnings per share expectations following these results.
考慮到最新的結果,九位分析師對海南美蘭國際機場的最新共識是2023年收入22.5億元人民幣。如果得到滿足,這將意味著該公司在過去12個月的收入將大幅增長42%。海南美蘭國際機場也有望扭虧為盈,每股法定收益1.06元。然而,在最新財報公佈之前,分析師曾預計2023年收入為22.1億加元,每股收益為0.93加元。營收預期沒有真正的變化,但考慮到這些業績公佈後每股收益預期的大幅增長,分析師們似乎對收益更加樂觀。
The consensus price target fell 17% to HK$16.20, suggesting the increase in earnings forecasts was not enough to offset other the analysts concerns. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Hainan Meilan International Airport, with the most bullish analyst valuing it at HK$29.87 and the most bearish at HK$7.70 per share. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. With this in mind, we wouldn't rely too heavily the consensus price target, as it is just an average and analysts clearly have some deeply divergent views on the business.
該公司普遍預期股價下跌17%,至16.20港元,表明上調盈利預期不足以抵消分析師的其他擔憂。然而,這並不是我們可以從這些數據中得出的唯一結論,因為一些投資者在評估分析師的價格目標時,也喜歡考慮預期中的價差。對海南美蘭國際機場的看法存在一些分歧,最樂觀的分析師對其估值為29.87港元,最悲觀的分析師估值為每股7.7港元。因此,在這種情況下,我們不會對分析師的價格目標賦予太多可信度,因為對於這項業務能產生什麼樣的業績,顯然存在一些截然不同的觀點。考慮到這一點,我們不會過於依賴共識目標價,因為這只是一個平均值,分析師顯然對該業務有一些嚴重的分歧。
Of course, another way to look at these forecasts is to place them into context against the industry itself. For example, we noticed that Hainan Meilan International Airport's rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 101% growth to the end of 2023 on an annualised basis. That is well above its historical decline of 4.1% a year over the past five years. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 6.2% annually. So it looks like Hainan Meilan International Airport is expected to grow faster than its competitors, at least for a while.
當然,看待這些預測的另一種方式是將它們放在與行業本身相反的背景下。例如,我們注意到海南美蘭國際機場的增長速度預計將大幅加快,預計截至2023年底的收入將按年率計算增長101%。這遠高於過去五年每年4.1%的歷史降幅。相比之下,分析師對更廣泛行業的預期表明,(總體而言)行業收入預計每年增長6.2%。因此,至少在一段時間內,海南美蘭國際機場的增長速度有望超過競爭對手。
The Bottom Line
底線
The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Hainan Meilan International Airport following these results. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target fell measurably, with the analysts seemingly not reassured by the latest results, leading to a lower estimate of Hainan Meilan International Airport's future valuation.
最重要的是,分析師上調了每股收益預期,表明在這些業績公佈後,人們對海南美蘭國際機場的樂觀情緒明顯增加。幸運的是,營收預測沒有重大變化,預計該業務的增長速度仍將快於整個行業。一致的目標價大幅下降,分析師似乎對最新結果並不放心,導致對海南美蘭國際機場未來估值的估計較低。
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have forecasts for Hainan Meilan International Airport going out to 2025, and you can see them free on our platform here.
考慮到這一點,我們仍然認為,投資者需要考慮的更長期的業務軌跡要重要得多。我們有海南美蘭國際機場到2025年的預測,你可以在我們的平臺上免費看到。
You should always think about risks though. Case in point, we've spotted 1 warning sign for Hainan Meilan International Airport you should be aware of.
不過,你應該始終考慮風險。舉個例子,我們發現海南美蘭國際機場1個警示標誌你應該意識到。
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本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.