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麥格理:維持中航信(0696.HK)“中性”評級 目標價15.7港元
格隆匯 09-23 14:52
麥格理髮表報告表示,中航信(0696.HK) 舉行投資者路演,投資者主要針對收入、成本和資本開支計劃。該行引述管理層指,上半年減少員工數字是因附屬公司轉變成聯營公司所致,但無詳述下半年的數字,不過管理層預期薪金和福利開支會增加,此符合國家標準。
中航信管理層指,公司仍未完全使用今年的預期的24億元人民幣資本開支,餘下第一期項目的6億元人民幣,將會於今明兩年支付,營運成本為2.3億至2.4億元人民幣。而第二期項目,資本開支會較少。
該行指,中航信在海外航線方面佔32-36%的市佔率,目前無計劃增加宣傳成本,公司會為額外服務收費,派息比率維持在30-40%、財富管理產品的保證回報、今明兩年數據中心收入預期為8000萬元及1億元人民幣,數據收入增長會放慢。麥格理表示,上調中航信對2019至2021年每股盈利預期1-2%,目標價升2%至15.7港元,維持對其“ 中性 ”評級。
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