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大和:降東航(0670.HK)目標價至4.4港元 評級“跑贏大市”
格隆匯 10-31 11:45

大和發表研究報告,指東航(00670.HK)管理層對第四季及明年的前景變得審慎,管理層確認第三季的商務旅行明顯下跌,國內線乘客收益率跌7%,但10月份見回升。

該行指,公司第三季純利按年升10%,撇除外匯虧損及其他一次性項目,純利升3%,首九個月經調整純利跌18%,預期在第三季缺乏強勁復甦下,第四季會進一步錄虧損20億人民幣,但會較去年第四季的23億元人民幣為少。

該行又指,11月及12月的預訂未見強勁增長,國內線持平,而日韓線則見上升,但港澳台航班則見下跌,主因香港的示威活動,以及限制台灣自由行致策,降2019-21年每股盈利預測50-58%,以反映乘客收益率遜預期,以及2020年前景較差,目標價由6.8港元降至4.4港元,重申“跑贏大市”評級,主要風險為客量和收益率遜預期。

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