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交銀國際:升東方航空(0670.HK)評級至“買入” 目標價上調至4.75港元
格隆匯 09-20 14:40

交銀國際將東方航空(00670)目標價由4.37港元上調至4.75港元,基於2019年1倍的市賬率,將其評級由“中性”升至“買入”。

該行預期,穩健的國內需求將支撐東航收益率改善,盈利也有望大幅回升。預計2019年-2020年,東航的國內收入客公里將維持兩位數增幅。該公司計劃於2019下半年至2020上半年期間將航線網絡擴大到中國的二三線城市,平均機票價格下降或會增加整體收益率的壓力。

交銀國際表示,基於燃油價格波動加劇,今年需求遜於預期,以及收益率前景不明朗,將令中小型航空公司的壓縮短期擴張計劃。運力增速下降將有利於下半年收益率的穩定。儘管東航的運營表現逐漸穩健,下半年前景也有好轉,但燃油價格不明朗和貿易摩擦持續令其估值跌至接近歷史低位,目前估值吸引。

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