中金:国航(0753.HK)客座率涨幅三大航企中最高 指回调供更好买点
中金发表报告表示,布伦特油价近日超预期上涨,但当前中国国航(00753.HK)估值水平较低,回调提供更好的买入点。就9月14日,沙特两处石油设施遭遇无人机袭击,暂停500万桶/天供应。该行大宗组认为,沙特供应暂停是预防性的主动关停,绝大部分供应或能在短期内尽快恢复,短期油价有6至8美元/桶上行风险。
根据该行的测算,国际油价每变动1美元/桶,对应国航2019年净利润变动约4亿人民币(占比2019年净利润4%),股价短期存在回调风险,但当前估值已经处於较低水平,该行认为回调提供更好的买入点。中金指,维持国航H股「跑赢行业」评级和目标价9.2元(对应预测今年市盈率11.9倍)。
该行指,国航8月客座率按年涨幅在中资三大航企中最高,但地区线客座率下降明显。公司8月客座率按年提升0.4个百分点至84.6%,涨幅为三大航中最高,其中国内线按年微跌0.3个百分点,该行估计或与国内需求仍然较弱有关。
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