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中金:上調中航信(0696.HK)目標價至23.7港元 評級“跑贏行業”
格隆匯 01-17 17:35

中金公司發佈報告稱,中國民航信息網絡(0696.HK)當前股價對應2020年16.2倍市盈率,維持“跑贏行業”評級,考慮估值有望迎來修復,上調目標價9.2%至23.70港元。

該行稱,公司向502名激勵對象(主要為核心骨幹人員,包括三名高管)授予35958950股股票增值權(佔總股本1.23%),行權價格為18.66港元/股。首次授予的股票增值權將平均分三批分別自首次授予日起滿兩年、三年及四年後生效。

該行表示,股票增值權計劃落地,利好公司長期盈利增長,且將公司利益與股東訴求綁定。股票增值權每批生效時前一財年的業績指標均須達到目標(首次授予時的業績指標包括扣非歸母平均淨資產收益率、營業收入三年複合增長率、經濟增加值)。首次授予的財年為2018年,扣非歸母ROE約為14.3%,2016-2018年三年的收入複合增長率為10.9%。

該行認為,2020-2022財年需要達到至少該水平,才能解鎖股票增值權,對公司長期的收入增速和利潤增長均提出要求。此外,第一期行權價為18.66港元,未來股票增值權的收益將取決於股價漲幅,與股東訴求一致。

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