瑞銀:升南航(1055.HK)目標價至5.7港元 維持“中性”評級
瑞銀髮表研究報告,調升南航(1055.HK)
盈利預期,及將目標價由4.8港元升至5.7港元,評級“
中性
”,以反映其載客率提升,但乘客收益率較低;營運成本下降;外匯虧損下降。
該行指目前公司估值接近歷史平均水平,相信已合理反映盈利預期提升和人民幣升值的情況,相信未來乘客收益率會持續跑輸同業,主因其商業客户較少。該行降可用座位公里(ASK)預期至7.2%,以反映運力緊張,管理層預期今年ASK增長為7-8%,低於過去三年的9-12%。運力下降因波音737 MAX客機夏季前難以重新投入服務。中國的商業活動復甦情況不明朗,因此管理層對乘客收益率預期仍然審慎。
該行又指,公司遷移10%北京運力至大興機場,包括每日約25班航班,近日的載客量有8-9個百分點的增長,而機票有15-20%的折扣,相信因大興距離北京市中心較遠,故有30%以下的機票折扣是可以接受。管理層對未來大興機場的增長有信心。
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