--- title: "Antique 維持對 Yatra 的買入評級；認為中東的影響是暫時的，預計有 87% 的上漲空間" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/279201680.md" description: "Antique Stock Broking 對 Yatra Online 維持 “買入” 評級，指出儘管由於中東緊張局勢導致 MICE 業務暫時受到干擾，但其基本面依然強勁。該券商預計企業差旅將增長 20%，B2C 業務將增長 10%，這得益於技術升級和戰略合作伙伴關係。儘管 FY26-FY28 的盈利預期下調了 4%，但目標價修訂為 ₹187，較當前價格 ₹99.59 有 87% 的上漲空間。Yatra 強大的客户基礎和對企業差旅的關注使其在未來增長中處於良好位置" datetime: "2026-03-15T20:19:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279201680.md) - [en](https://longbridge.com/en/news/279201680.md) - [zh-HK](https://longbridge.com/zh-HK/news/279201680.md) --- # Antique 維持對 Yatra 的買入評級；認為中東的影響是暫時的，預計有 87% 的上漲空間 **Yatra Online share price today:** Brokerage firm Antique Stock Broking has maintained its ‘Buy’ rating on Yatra Online, an online travel services provider, citing strong fundamentals despite near-term disruptions in its MICE (Meetings, Incentives, Conferences and Exhibitions) segment due to ongoing tensions in the Middle East. The brokerage noted that while travel disruptions and safety concerns in Gulf countries, key destinations such as the UAE, may temporarily impact the seasonally strong fourth-quarter MICE business, most events are likely to shift to later quarters unless the conflict persists. Excluding this impact, Antique said the overall outlook for Yatra remains strong, driven by its focus on profitable and sticky corporate travel. Factoring in the IndiGo-related disruption and the Middle East conflict, Antique trimmed its FY26–FY28 earnings estimates by 4 per cent each and reduced its valuation multiple to 27x from 32x. It has revised the target price to ₹187 per share, down from ₹230 earlier. The target implies a potential upside of 87 per cent from Friday, March 13, closing price of ₹99.59 on the NSE. Around 09:30 AM, shares of Yatra Online were trading at ₹100.20, up 1.11 per cent. In comparison, the benchmark NSE Nifty 50 was quoting at 23,117 levels, down by 34 points or 0.15 per cent. The company has a total market capitalisation of ₹1,572 crore. ### Here's why Antique Stock Broking is upbeat on Yatra Online: ### Ongoing tensions impacting MICE business According to the brokerage, the ongoing conflict has affected around ₹400 million worth of MICE business across the Middle East and Tashkent. The segment contributes nearly 45 per cent of Yatra’s hotel and packages bookings and is a high-margin segment. The fourth quarter is typically a strong period for MICE, with the Middle East accounting for about 25-30 per cent of the company’s overall business. Analysts said such disruptions usually lead to events being deferred to subsequent quarters, though a prolonged conflict could result in some cancellations. However, the impact on air ticketing has been limited so far, with corporate travel volumes seeing only a marginal decline, which is expected to be largely offset by higher ticket prices, while the B2C segment has not experienced any significant impact. ### Overall business outlook remains strong According to Antique, Yatra’s overall business outlook remains strong across both the corporate and B2C segments. The company expects around 20 per cent growth in its corporate travel business, driven by higher spending from existing clients, new corporate customer additions, and cross-selling opportunities in hotels and MICE. The company has also strengthened its sales team to increase wallet share from existing clients and accelerate customer acquisition among MSMEs and large corporates. On the B2C side, the company has invested in technology upgrades and improved execution capabilities, with management expecting around 10 per cent growth supported by strategic partnerships and organic growth. ### Yatra to capitalise on growing corporate travel Analysts said online penetration in corporate travel remains low at 20 per cent, while companies are increasingly using technology to improve efficiency and reduce costs. Yatra has a strong technology platform and extensive experience in corporate travel, putting it in a good position to benefit from the shift from offline to online bookings. Additionally, the corporate spending on MICE has been rising, and Yatra’s strong client base offers good cross-selling opportunities. The brokerage added that the impact of AI on the online travel industry is still uncertain. For Yatra, management said corporate travel is a managed service that needs significant customisation, so AI is not seen as a major risk for this segment. "We remain optimistic and believe YATRA will continue its strong performance given its emphasis on growing the corporate business. Increased corporate bookings and the growing share of hotel and MICE business will help in margin expansion, thereby improving profitability," the brokerage said in its note. _**Disclaimer: Views and outlook shared belong to the brokerage/analysts and are not endorsed by Business Standard. Readers' discretion is advised.**_ ### 相關股票 - [YTRA.US](https://longbridge.com/zh-HK/quote/YTRA.US.md) ## 相關資訊與研究 - [瑞銀兩年前挖來的中東財富銀行家據悉已有多位跳槽](https://longbridge.com/zh-HK/news/286729493.md) - [長榮航 A330-300 廣體客機高雄首航東京](https://longbridge.com/zh-HK/news/287004347.md) - [花旗喊 Brent 原油上看 120 美元 油市低估中東風險](https://longbridge.com/zh-HK/news/286971527.md) - [統一美麗生活事業衝刺！康是美與星巴克達 600 店、「願秀門市」登場](https://longbridge.com/zh-HK/news/286863215.md) - [高盛據悉是 SpaceX 巨型 IPO 的牽線行](https://longbridge.com/zh-HK/news/287067932.md)