花旗:中资航空股风险与回报吸引 首选南航(1055.HK)
花旗发表报告表示,中资三大航空公司上半年表现较弱,受当地需求转差、营运开支增加、会计准则变动所影响,撇除一次性项目及汇兑影响,东航(0670.HK)
经常性盈利跌25%,南航(1055.HK)
跌最少15%,国航(0753.HK)
跌20%。
该行指,中资航空业暑假表现都逊预期,主因业务需求受宏观和价格敏感影响,故难以加价,三大航空公司的国内航线的可用客座公里收入(RASK)都录负数,而整体RASK都受压。
该行又指,中美贸易摩擦的不确定性、人民币贬值都是今年最大的主题,加上会计准则转变,以及航空公司加大美元债的占比,预期下半年成本受压的情况会减轻,以及去年同期低基数,故相信会有改善,目前风险回报率吸引,维持南航(1055.HK)
、东航(0670.HK)
及国航(0753.HK)
均为“
买入
”评级,喜爱股份首先是是南航、第二是东航,最后才是中国国航。花旗表示,微降南航目标价由6港元降至5.9港元,并下调对东航目标价由6.4港元降至5.2港元,同时降国航目标价由9.6港元降至8.6港元。
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