花旗:料內地航空股調整幅度低於03年 維持三大航空股“買入”評級
花旗發表研究報告指,國務院總理李克強早前宣佈免徵民航企業繳納的民航發展基金,措施自今年1月1日起實施,但豁免將持續到何時則未知。該行指出,在2003年SARS及2008年金融海嘯時亦有采取相同措施。
該行續指,自去年下半年開始,民航發展基金的徵
收標準已降低一半,並預期能令中國國航(0753.HK)
、中國東方航空(0670.HK)
及中國南方航空(1055.HK)
分別節省5.98億元人民幣(下同)、6.15億元及8.09億元開支。若現時全面豁免民航企業繳納民航發展基金的時間持續半年,相信國航、東航及南航能在今年上半年分別節省5.7億元、5.85億元及7.5億元開支,而這對於新型冠狀病毒肺炎導致客流量大幅下降帶來了極大的紓緩。
該行提到,雖然因為疫情而帶來的基本面疲弱情況或會持續更長時間,但看到三大內地航空公司的估值已回到具吸引力的水平,相信下行空間或相對有限,並會因正面的政策支持令盈利壓力得以紓緩。整體而言,相信此次內地航空股的股價調整會較SARS時期小,對內地三大航空股維持“
買入
”投資評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.