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摩通:首予国泰(0293.HK)“减持”评级 目标价9.3港元
格隆汇 12-16 11:24

摩根大通发表研报告,预测国泰(00293.HK)今年下半年亏损达10亿元,令全年盈利或按年大跌近85%,认为其前景仍受众多不利因素笼罩,首次给予国泰“减持”评级。

报告指出,在管理层努力下,国泰正由近年的燃油对冲打击中恢复,但随着今年香港社会状况恶化及中美贸易纠纷影响,乐观情绪逐渐减弱,令公司经营基本面再面临更大的宏观压力,国泰更在11月发出另类盈警,预期下半年业绩将会较上半年逊色。摩通指出,国泰7月至10月收入乘客千米数(APK)和乘客载客率(PLF)分别按年跌2%和6%,对比上半年分别为升7%及持平,加上第四季远期预订表现亦持续疲软,货运业务继续受压等,都预视着其下半年盈利能力将显着恶化。

该行估计,国泰下半年亏损达10亿元,对比去年同期赚约2.6亿元,令全年盈利将降至3.52亿元,较去年全年赚23.45亿元跌84.9%,并进一步预测2020财年也面临下行风险。摩通给予目标价9.3港元,以反映2020财年市帐率约0.6倍,但提醒市场情绪反弹或引致估值重估。

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