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大和:國泰(0293.HK)估值已反映最差情況 予持有評級
格隆匯 07-20 13:50

大和發表研究報告稱,國泰航空(0293.HK)預期今年上半年將錄得淨虧損99億港元,大致符合該行預期。考慮到國泰目前估值已反映最差的情況因素,故予其持有評級,目標價為6港元。

大和預期,若扣除非經常性項目,預期國泰上半年淨虧損將接近該行估計的約80億港元。在6月,國泰收入乘客千米數按年下降98.8%,整體航線則跌逾98%,僅北美航線跌幅較少至97.9%。不過,隨着國泰在6月將其客運量提高至約4%,可用座位千米數降幅減慢至96.1%,惟整體乘客運載率仍疲弱,降至27.3%。貨運方面,國泰6月貨運週轉量按年跌幅擴大至35.8%,惟受惠於香港入境貨運增加,月內貨運收益率按年升11.7個百分點,為今年來最大增幅。

該行指,儘管部分市場在7月份開始放寬疫情限制措施,惟公司管理層對何時可恢復到疫情前的運力仍持審慎態度,並計劃在7月和8月將運力分別恢復至7%及10%。

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