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交银国际:升东方航空(0670.HK)评级至“买入” 目标价上调至4.75港元
格隆汇 09-20 14:40

交银国际将东方航空(00670)目标价由4.37港元上调至4.75港元,基于2019年1倍的市账率,将其评级由“中性”升至“买入”。

该行预期,稳健的国内需求将支撑东航收益率改善,盈利也有望大幅回升。预计2019年-2020年,东航的国内收入客公里将维持两位数增幅。该公司计划于2019下半年至2020上半年期间将航线网络扩大到中国的二三线城市,平均机票价格下降或会增加整体收益率的压力。

交银国际表示,基于燃油价格波动加剧,今年需求逊于预期,以及收益率前景不明朗,将令中小型航空公司的压缩短期扩张计划。运力增速下降将有利于下半年收益率的稳定。尽管东航的运营表现逐渐稳健,下半年前景也有好转,但燃油价格不明朗和贸易摩擦持续令其估值跌至接近历史低位,目前估值吸引。

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