高盛:降國泰(0293.HK)及內地三大航空股目標價 評級維持“買入”
高盛發表研究報告,指中國的航空交通量因受新型肺炎影響,近日下跌80%,主因航空公司下調運力、旅遊限制、肺炎感染數字上升。
該行指,因應近期疫情仍然存在不確定性,以及持續繼續上升,相信近兩月的各項數字,會有大幅下跌,而下半年會有回升,目前估算今年中國航空客量跌0.3%,較此前預期下調了12個百分點,其中國際下調21個百分點至跌7.7%,境內跌6個百分點至2.8%。
該行又指,降2020年內地三大航空股每股盈測61-120%,國泰(0293.HK)
下調156%,2021年預期略為下調,但數字不明顯,因預期下半年有復甦。國泰盈利則會對客量數字更敏感。該行相信,市場會留意盈利風險,但航空股的股價相信已反映憂慮,考慮運力增長放慢、人民幣轉強,以為寬鬆政策和油價疲弱,維持國內三大航空股“
買入
”評級。
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