《大行報告》傑富瑞:國泰(00293.HK)去年純利勝預期 但管理層看淡前景
傑富瑞發表的研究報告指,國泰航空(00293.HK)公布去年純利跌28%至17億元,稍為好過市場預期,亦大幅高於該行預期,主要因為去年下半年客運收益跌幅僅2.3%(該行預期跌8%),帶動相關分部利潤達3.44億元。但管理層對前景看法悲觀,並料2020年上半年將錄得重大虧損。
該行指出,公司去年純利跌27.9%主要因為客運及貨運收益率分別跌3.9%及7.9%,而香港快運亦錄虧損。去年下半年公司純利跌86.7%至3.44億元則主要因為香港社會不穩,以及客運收益率較低等因素拖累。該行原先估計公司去年下半年將錄9.6億元淨虧損,主要因為對收益率的估算太悲觀,而最終國泰下半年客運及貨運的收益率分別較該行估算高6.2%及2.9%。
該行認為分析員會議將聚焦於公司在客運及貨運的收益率、需求及預訂情況,另外亦會關注其運力削減計劃,此外亦會關注公司如何進一步減省成本。該行認為其估值已處於底部,予「買入」評級,相信下半年盈利會有復甦。而管理層指出上半年將現重大虧損,考慮到新型冠狀病毒對公司客運量的影響並不感到驚訝。(el/u) ~
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