《大行報告》匯豐研究料三大中資航空股本季扭虧為盈 可受惠人幣升值
匯豐環球研究發表報告指,三大中資航空股國航(00753.HK)、東航(00670.HK)及南航(01055.HK)在8月的本地收入客公里(RPK)按年下跌18%,載客率(load factors)則為74%,RPK較7月的下跌27%有改善,載客率亦由7月的72.9%回升。該行相信,即將到來的十一黃金周(10月1日至8日)會有顯著的旅遊積壓需求,特別是以國內遊取代海外旅行,料可為航空公司提供改善收益的機會。
該行提到,基於中國會計準則,三大中資航空股於今年第二季虧損120億元人民幣,而季內美元兌人民幣持平。由於人民幣兌美元於第三季已升值3.7%,估計三企可錄約60億元人民幣的匯兌收益,預料三大航空公司在今年第三季或可扭虧為盈,估計下半年的利潤達45億元人民幣,對比市場普遍預期下半年虧損65億元人民幣,及上半年為錄虧損260億元人民幣。
匯豐研究對三間中資航空股評級均為「買入」,予國航目標價為8.7元;東航目標價為5.3元;南航目標價為6.2元。至於北京首都機場(00694.HK)評級為「持有」,目標價5元。
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