《大行報告》瑞信下調國泰(00293.HK)目標價至9.4元 關注潛在燃油對沖虧損
瑞信發表研究報告,指受到新型冠狀病毒爆發及地緣政治的影響,持續打擊國泰航空(00293.HK)早已疲弱的需求,公司將2月及3月份的運力削減約40%。自2月疫情爆發以來,以及疫情蔓延至全球,中國的航空流量按年減少逾80%,有大約65%的航班取消。該行表示,若疫情能得到進一步遏制,隨著業務恢復、夏季的假期需求,以及基數較低等因素,預期需求有望在第二季尾回復。鑑於航空流量在今年首季及第二季分別下跌50%及30%,並逐步在下半年恢復正常,以及最新預期布蘭特期油見每桶35美元,將國泰2020及2021財年的盈利分別下調125%及1%,目標價由原來的10.5元下調至9.4元。維持「中性」投資評級。瑞信指出,公司的表現續受壓,並或會遭受到燃油對沖的損失,2020財年有40%的燃油對沖在64美元。但從長遠而言,收購香港快運將有助公司進入低成本航運板塊,並擴大市場份額。其現時估值合理,相當於預測市帳率0.6倍屬歷史低位。
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.