大和:上調東航(0670.HK)及南航(1055.HK)目標價 評級升至“買入”
大和發表研究報告,指在中美首階段貿易協議商討完成後,重新對航空業進行重估,在宏觀經濟不太悲觀及人民幣匯率改善下,預期明年客運需求量會回升,將兩航空公司的評級升至“買入”。
該行指,南航(01055.HK)擁有最多的737MAX機隊,雖然其付運可能有延期,但相信南航最有能力提升運載率,因此最受惠客運需求增長;而且在同行中,其與匯率波動的敏感度最高,看到人民幣貶值帶來的風險減弱。隨着車隊更好的應付能力和靈活的車隊容量安排,相信2020年南航收益率將會停止跌勢。該行調升其2020-21年每股盈利預期13-14%,目標價由5.2港元升至6.2港元,評級由“持有”升至“買入”。
該行表示,東航(00670.HK)管理層預期明年國內乘客收益率可達到單位數增長的目標,同時東航可於蒲東機場增加航班,而大興機場的轉移亦較預期中慢,加上集團未來有國企改革的利好因素,因此調升東航2020-21年每股盈利預測21-25%,目標價由4.4港元升至4.9港元,評級由“跑贏大市”升至“買入”。
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