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摩通:首予國泰(0293.HK)“減持”評級 目標價9.3港元
格隆匯 12-16 11:24

摩根大通發表研報告,預測國泰(00293.HK)今年下半年虧損達10億元,令全年盈利或按年大跌近85%,認為其前景仍受眾多不利因素籠罩,首次給予國泰“減持”評級。

報告指出,在管理層努力下,國泰正由近年的燃油對衝打擊中恢復,但隨着今年香港社會狀況惡化及中美貿易糾紛影響,樂觀情緒逐漸減弱,令公司經營基本面再面臨更大的宏觀壓力,國泰更在11月發出另類盈警,預期下半年業績將會較上半年遜色。摩通指出,國泰7月至10月收入乘客千米數(APK)和乘客載客率(PLF)分別按年跌2%和6%,對比上半年分別為升7%及持平,加上第四季遠期預訂表現亦持續疲軟,貨運業務繼續受壓等,都預視着其下半年盈利能力將顯着惡化。

該行估計,國泰下半年虧損達10億元,對比去年同期賺約2.6億元,令全年盈利將降至3.52億元,較去年全年賺23.45億元跌84.9%,並進一步預測2020財年也面臨下行風險。摩通給予目標價9.3港元,以反映2020財年市帳率約0.6倍,但提醒市場情緒反彈或引致估值重估。

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