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《大行報告》大和下調中航信(00696.HK)目標價至16.7元 評級「買入」
阿思達克 07-03 10:27
大和發表研究報告,指預期境內線需求於下半年起有改善,料中航信(00696.HK)可於下半年回復盈利,同時因應今年的低基數,會令明年盈利錄190%的增長。

該行引述管理層指,境內線的訂票情況復甦,跌幅由5月的65%收窄至6月的47%,不過國際線的訂票情況仍然呆滯。該行料今年境內線錄36%跌幅,而國際線錄86%跌幅,並預期在8月至12月期間月度境內訂單按年跌幅將收窄至20%,並維持對2021-22年情況預期,但前提是疫情會於今年內完結。

該行指,公司的IT分部受票務訂票量低影響,因此令系統綜合業務受影響,部份項目甚至需延期,目前有130個在手項目,而其他業務較少受影響。

該行降2020年盈利預期59%以反映上述情況,因應固定成本高,故經營槓桿亦高,目標價由17元降至16.7元,評級維持「買入」。

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