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《大行報告》大和升國泰(00293.HK)評級至「買入」 目標價上調至6.9元
阿思達克 10-19 10:25
大和發表研究報告,指出香港政府的「旅遊氣泡」計劃及國泰航空(00293.HK)未來的成本重組計劃理應能為公司帶來支持氣氛及盈利能力。該行續指,香港及新加坡已同意旅客往來兩地將可豁免檢疫,有關細節仍要在未來數周敲定。隨著香港政府已與11個地區進行討論,認為類似的協議將會在短期內擴展至其他國家。

該行又指,在「旅遊氣泡」措施宣布後,由新加坡至香港的機票價格飆升,可反映出旅遊的強勁需求。該行認為,航班復飛有助國泰錄得額外盈利,因為經過數個月的封城政策後,市民對旅行的渴望強烈。

另外,大和認為在國際旅遊市場有不確定性的背景下,國泰目前每月的現金支出介乎15億至20億元仍是太高,預料即將到來的企業重組計劃會有助公司在未來二至三年,維持精簡的成本結構。此外,雖然航班已開始恢復,但由於運力有限,國泰或會專注於有盈利的航線。因此,該行料2021年的營運開支將按年增長20%。該行不認為公司的營運會在明年全面恢復至疫情前的水平,但看到有很大機會能收窄虧損,並為投資者提供良好買入機會,預期盈利能力會在2022年恢復。

該行收窄國泰2020至2021年每股虧損預測介乎3%至11%,以反映企業重組及國際旅遊逐漸復甦。大和提到公司股價的下行空間有限,因為其表現在今年以來已落後於中國航空股超過15%及恆指30%。將其目標價由原來的5.9元上調至6.9元,投資評級由原來的「持有」上調至「買入」。

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