《大行報告》大和升國泰(00293.HK)目標價至13.5元 評級「買入」
大和發表報告指,國泰(00293.HK)去年盈利勝預期,經調整盈利跌51%至20.1億元,因乘客收益率跌幅少於預期,雖然去年下半年盈利跌幅多於70%,但仍錄3.27億元盈利。該行決定上調對國泰2020至2021年每股盈利預期2-9%,以反映去年成本控制成果,目標價由13元升至13.5元,評級「買入」。
該行指,國泰管理層對今年保持審慎態度,因受疫情影響上半年將錄重大虧損。在3-4月,國泰削65%運力,約有150架飛機停泊機場,5月至6月預期運力調整幅度變得溫和,但仍受全球旅遊限制影響,而對於客量的復甦則難以預料,但相信中國和亞洲航線會優先,其後才會到長途航班。
大和稱,因應全球客運航班受影響,令貨運運力減弱大於需求減弱,導致運費有提升,雖然公司貨運收益率有改善,但仍未能免疫於疫情和供需不平衡的情況,維持對今年貨運收益跌2個百分點預期。
該行表示,國泰會針對現金流做好管理,包括與供應商商討延期、員工放無薪假等,公司去年錄1.01億元的對沖虧損,預期情況會持續。
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