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富瑞:看好中資航空股 升目標價及上調評級至買入
格隆匯 04-22 13:44

富瑞發表行業報告指,隨着國內機票價格反彈,對中國航空業轉趨看好,將中國航空(0753.HK)、南方航空(1055.HK)及東方航空(0670.HK)評級均上調至“買入”,目標價分別上調至6.8、5.3、4.3港元。主因是認為國內航空於2月中旬已見底,結合油價低迷及貨運收益率有強勁反彈等利好因素,預估三大中資航空股虧損將收窄。

富瑞指,行業首階段復甦為載客量增加,而於2月中旬開始國內載客量已回升67.8%,下一復甦階段則是帶動票價上升,而3月中旬國內機票價格亦已見底。儘管載客量及機票價格仍按年下跌21.2%及18.5%,令國內線依然處於虧損狀態,但虧損正在收窄。然而,國際線料會持續疫弱,國外載客量料按年跌95.5%,為今年以來最低水平。

該行又指,低油價將令中國航空公司受惠,主因沒有燃料對衝政策,且燃油為其最大單一成本項目。此外,由於全球客機大量停飛導致貨運收益率強勁反彈,其中3月台灣航空貨運收益率按年升27.5%,且4月仍持續改善,惟貨運僅佔三大航空公司收入不到一成。

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