瑞銀:首予中航信(0696.HK)“買入”評級 目標價21.5港元
瑞銀髮表研究報告,首予中航信(0696.HK)
“
買入
”評級,目標價21.5港元。該行指,公司主要業務是航空訊息科技,提供中國90%飛行管理及航空票務分銷服務,預期穩定的業務表現可以防禦對手競爭,預計未來5年每年盈利可有10%增長。而股價因中國航空業情緒低迷而下跌,未能完全反映公司價值,包括其低週期性、穩健自由現金流、健康的資產負債表。
該行表示,公司現價市盈率低於過去5年曆史平均值,未能反映盈利復甦的預期,相估未來可有重估。該行又指,公司的核心業務持續穩增長,因中國外遊人數上升,同時市場對於競爭有過份擔心。
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