《大行报告》里昂降中航信(00696.HK)目标价至23.9元维持「买入」评级
里昂发表研究报告,指今年上半年客运量增长仅8.5%,主要是由於3月及4月的高基数效应所致,该行因此将其2019年的客运量增长预测由原来的11%下调至9%。然而,该行预期下半年的客运量增长将会改善至9.5%,主要是由於5月之後的基数较低,以及潜在的经济刺激措施。
该行预期中航信(00696.HK)上半年核心盈利仅按年增长6.1%,收入增长则料9.7%,息税前利润跌至40.3%(2018年上半年42%),主要是受到佣金、宣传以及研发开支上升所拖累。
里昂将公司的2019至2021年的核心盈利预测分别下调1.7%、4.4%及5.8%,目标价由原来的24.7元下调至23.9元,以反映空运量下跌的预期,维持其「买入」投资评级。
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