汇丰研究下调国泰(0293.HK)目标价至11.4港元评级“持有”
汇丰研究发表报告指,国泰(0293.HK)
上半年扭亏录纯利约13亿港元,较该行预期为高,当中经常性利润达14亿港元,相对于去年同期亏损3.45亿港元。业绩改善主因客运业务表现理想,惟被疲弱的货运业务抵消,同时燃油对冲
亏损大幅收窄、燃油成本下降,以及中国国航(0753.HK)
的利润贡献上升等。
报告补充,认同国泰管理层预期下半年表现较上半年为佳的说法,除了是季节因素外,其燃油对冲下半年应转为录得利润。不过该行对前景仍审慎,尤其是疲弱的货运前景,以及国航盈利在第二、三季受人民币兑美元贬值所影响。
该行进一步将国泰2019至2021年盈利预测调低9%至12%,意味预期下半年纯利较上半年仅升10%,惟按年更显着下跌43%,且2019年预测更较市场低34%。同时,将国泰目标价由12.6港元下调至11.4港元,维持“
持有
”评级。
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