《大行報告》大和升國航(00753.HK)評級至「買入」 目標價上調至7.6元
大和發表報告表示,上調國航(00753.HK)投資評級,由「跑贏大市」升至「買入」,認為現階段估值為2020年市帳率約0.8倍,將目標價由7.3元上調至7.6元,[屬具有吸引力,並預計當疫情受控及有進一步政策支持時,投資者情緒將有所改善。該行指,受惠於油價下跌及2020年機場減低降落收費,因此上調國航2020至2021年純利預測各2.23倍及92.5%,分別至41.49億及50.54億人民幣。大和指出,雖然預期2020年航空需求疲軟,特別是國際航線可用座位公里(ASK)料按年跌20%,但估計布蘭特期油價格今、明年將分別降至每桶45美元及50美元,認為對油價極敏感的國航因此受惠,預料油價每跌1美元,其淨利潤將上升3%。該行指,受新型肺炎疫情影響,中國民航局宣布自1月起降低升降費等相關機場費用,以助航空公司抗疫,預期若減費措施維持至6月,國航可因此減省約4%降落費。(gc/w)~
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