富瑞下调国泰航空(0293.HK)目标至15港元维持“买入”评级
富瑞发表研究报告表示,国泰航空(0293.HK)管理层表示乘客收益率短期将面对下行压力,因价格竞争、以及示威活动令入境客流量疲弱,此外美元走强亦对香港旅游业有负面影响,该行将国泰目标价由16港元,下调至15港元,但维持“买入”评级。

该行指,管理层预计,一旦示威动结束,客流量将出现反弹,由于下半年为暑假、商务旅游、圣诞节等旺季,预期下半年旅客需求将会走强,料下半年盈利表现好于上半年。至于国泰早前收购的香港快运,管理层预期短期内仍会录得亏损,而旅客预订机位情况,将会与国泰一样,面对不明朗因素。
富瑞估计,下半年国泰乘客收益率下跌1.9%,而全年则跌2.7%。基于需求疲弱及高基数因素,料下半年货物收益率仍受压,估计今年全年货物收益率下跌6.9%。
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