《大行報告》摩通:中資航空股首選東航(00670.HK) 料行業前景好壞參半
摩通發表研究報告,首次覆蓋中國航空業,認為新冠疫情給予行業「存在測試」,國內航空業正處於復甦的狀態,而目前人民幣升值和油價下跌亦提振市場氣氛。
該行指,在計入冬季非高峰期、息率表現有助股價等的因素後,預期行業前景好壞參半,首選東航(00670.HK),給予「增持」,目標價為4.2元,予南航(01055.HK)「減持」評級,目標價3.5元,國航(00753.HK)「中性」評級,目標價5.2元。
該行表示,中國航空業境內線復甦強勁,預期十一黃金周假期高頻飛行活動上升10%,不過主要來自於「無限飛」的機票,故對收益率表現感到擔憂。
該行又指,供應過剩會是行業的主要憂慮,特別是經重新部署的國際線,預期股價表現出現分歧,反映基本定價趨勢。而油價和貨幣的走勢波動會是行業的雙刃劍,尤其對南航而言,但長遠行業仍受惠中國外遊人士增長。
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