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《大行报告》汇丰研究料三大中资航空股本季扭亏为盈 可受惠人币升值
阿思达克 09-16 14:34
汇丰环球研究发表报告指,三大中资航空股国航(00753.HK)、东航(00670.HK)及南航(01055.HK)在8月的本地收入客公里(RPK)按年下跌18%,载客率(load factors)则为74%,RPK较7月的下跌27%有改善,载客率亦由7月的72.9%回升。该行相信,即将到来的十一黄金周(10月1日至8日)会有显着的旅游积压需求,特别是以国内游取代海外旅行,料可为航空公司提供改善收益的机会。

该行提到,基於中国会计准则,三大中资航空股於今年第二季亏损120亿元人民币,而季内美元兑人民币持平。由於人民币兑美元於第三季已升值3.7%,估计三企可录约60亿元人民币的汇兑收益,预料三大航空公司在今年第三季或可扭亏为盈,估计下半年的利润达45亿元人民币,对比市场普遍预期下半年亏损65亿元人民币,及上半年为录亏损260亿元人民币。

汇丰研究对三间中资航空股评级均为「买入」,予国航目标价为8.7元;东航目标价为5.3元;南航目标价为6.2元。至於北京首都机场(00694.HK)评级为「持有」,目标价5元。

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