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《大行報告》大和降中銀航空租賃(02588.HK)目標價至70元 維持「買入」評級
阿思達克 07-03 14:36
大和發表研究報告引述中銀航空租賃(02588.HK)管理層指,短期受新冠肺炎疫情影響,但長遠航空業仍然穩健。

該行指,公司減少30架737 MAX訂單,管理層指是符合更好的資本利用,上半年公司積極地擴展對航空公司售後回租計劃,而且以更具競爭力的價錢購入,及附有長線的租賃合約,相信可以令公司風險回報更具吸引力。

該行又指,管理層預期飛機利用率會於第二季提高,雖然目前航空公司面對流動性問題,回收率預期會於第二季下跌,但相信公司定位會優於同業,預期下半年會減少出售飛機。

該行降2020-22年每股盈利預期8-10%,以反映付運和出售減少的可能性,重申「買入」評級,目標價由75元降至70元。

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