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瑞銀:下調國泰(0293.HK)目標價至12.6港元 評級“買入”
格隆匯 10-21 11:50
瑞銀髮表報告表示,國泰航空(0293.HK) 9月載客量按年跌約7.1%,主因來自短途市場的影響,同時乘客運載率下跌7.2個百分點至73.6%。至於上月貨運量按年跌4.4%,則較對上幾個月有所改善。同時,國泰表示,在今年餘下的時間內,來港機票預訂量較去年同期顯著下跌,尤其是在中國及其他亞洲市場,因此預計今年下半年業績將較上半年遜色。
瑞銀稱,未來數個月將會持續觀察國泰營運數據,將其全年客運運力增長預測由6%下調至4%,拖累今年盈利預測大幅削減57%(每股盈測由0.92港元降至0.4港元),明後兩年每股盈測分別削17%及15%,相信今年底前若看不到復甦跡象,國泰則要面對進一步下行風險。
報告稱,國泰現估值相當於預測市盈率0.6倍,屬歷史低位,但需時等待,直至運載量見底回升,作為股價下一個催化劑。瑞銀將國泰目標價由13.9港元降至12.6港元,維持“ 買入 ”評級。
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