《大行報告》匯豐研究下調國泰(00293.HK)目標價至6元 評級「持有」
匯豐研究發表報告指,國泰(00293.HK)上半年虧損90億元,是記錄最差的表現,第二季運力亦只有去年的3%水平,撇除25億元的減值,公司經常性虧損為76億元。收入跌48%,但經營成本只有減少33%;貨運收益率增逾40%抵銷運量下降。
該行指,公司完成供股和發行優先股,有助債務水平降至低於0.9倍,同時公司亦有78億元未應用的過渡貸款(可於明年6月前提取)。
該行引述管理層指,公司目前每月虧損為15億元,對比今年初25-30億元有所減少,減值主要來自16架飛機未有投入服務。公司亦計劃於今年將7架飛機退役及延遲7架飛機交付。
該行料今年全年經常性虧損為140億元,主因乘客量減少,抵銷成本降低和收益率增加,下半年虧損為64億元,而且明年會繼續錄得虧損,因預期國際線恢復速度溫和,目標價由8.7元降至6元,評級「持有」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.