《大行報告》大和下調國航(00753.HK)目標價至6.5元 評級「買入」
大和發表研究報告,國航(00753.HK)管理層舉行了首季業績報告會,指近期境內線需求復甦,特別是來自西部、南部和東部的需求,在按月的基礎上,公司已於4月起逐步增加運力。北京的警戒級別下降,國航管理層預期來自北京的訂票量亦會增加。
該行指,因應境內線的需求增長較預期慢,故降全年境內線客運收益公里數(RPK)預期,由跌8%降至跌21%。季度計,預期自第二季起,將鈔別錄25%、15%及5%的跌幅,同時降全年國際線的RPK由跌20%降至跌62%。
大和表示,國航首季公司錄負現金流87.17億元人民幣,預期第二季繼續受壓,因整體需求仍然疲弱,管理層對融資渠道方面有信心,目前有1,000億元人民幣的信貸額度。
該行將國航今年全年虧損預測由30億元降至20億人民幣,以及降2021年盈利預期7%,目標價由6.6元降至6.5元,重申「買入」評級。
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