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富瑞国泰(0293.HK)不利因素在预期以内料中期录盈利吁“买入”
格隆汇 07-19 15:07

富瑞发表报告指,国泰航空(0293.HK)六月份的数据显示公司仍然面对不利环境,但情况与之前月报及管理层表述相符,国泰乘客收益率持续受压,估计该公司在市场激烈竞争下,以减价刺激需求,而货运服务收益及需求亦面对压力,但富瑞相信国泰上半年仍可录得盈利,下半年表现会更佳,故维持“买入”评级不变,目标价16港元。

该行表示,除1月外,国泰客运量按年升9.1%,上半年收入乘客千米数(千位)上升6.7%,相当于富瑞全年预测的49%,而下半年得益于季节性因素,一般表现会较强。该行引述国泰管理层指,需求持续旺盛,头等及商务舱舱运载率达到十多年来的新高。国泰管理层表示,激烈的市场竞争令收益率持续受压,富瑞估计国泰正减价促销。

货运服务方面,国泰货运量连续第八个月下跌,6月及上半年货物及邮件收入吨千米数分别下跌9.7%及6.1%。该行预料货运收益会持续疲弱,因去年下半年关税上涨前货运需求上升,按年比较基数较高。

该行预期,国泰本年度客运及货运收益率将分别下跌1.8%及4%,预测全年纯利为25亿元,故仍吁“买入”。

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