大和:料南航(1055.HK)今年淨虧45億元人民幣 削目標價至4.8港元
大和發表研究報告表示,由於南航(1055.HK)去年業績差過預期及受新冠肺炎爆發的影響,預計今年錄得淨虧損45億元人民幣,將其目標價由5.8港元下調至4.8港元,重申“買入”評級。
該行指,南航管理層對公司財務穩定及應對市場快速反應能力有信心,去年南航資產負債比率升6.6個百分點至74.8%,預計在撇除新會計制度的影響下,債務比率為62.1%。管理層又指2510億人幣銀行備用信貸於去年底仍未用盡,同時已延遲16架飛機付運及獲部分飛機租賃信貸,故無需擔心流動性。
大和又指,南航營運逐步回覆,管理層料國內旅遊可望於5月至6月回升,之後於7至8月傳統旺季反彈,同時南航將按原計劃於2022年3月底完成大興機楊的過渡安排。

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