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大和:上調國泰航空(0293.HK)評級至“買入” 目標價升至6.9港元
格隆匯 10-19 14:46

大和發表研究報告指,國泰航空(0293.HK)最壞情況似乎已過去,預期更多的“旅遊氣泡”協議達成將可提振情緒,以及潛在重組計劃料可減省未來幾年的成本支出,將國泰評級由“持有”上調至“買入”,同時將目標價由5.9港元上調17%至6.9港元。

大和認為,香港在上週與新加坡達成“航空旅遊氣泡”原則性協議後,估計近期可能還會有城市達成類似協議,包括日本、韓國及泰國等熱門旅遊國家;同時,機票價格上漲亦反映出旅行需求強勁,相信恢復航班將有助國泰錄得額外盈利。

大和又指,國泰目前每月燒錢高達15億至20億港元,預期即將公佈的重組計劃將有助國泰在未來2至3年維持精簡的成本架構。另外,即使恢復航班,估計國泰在運力有限下將集中在有盈利的航線上,因此預料明年經營成本將按年升20%。

該行預計,國泰營運難以在明年回覆至疫情前的水平,惟很大機會可以收窄虧損,帶來入市機會,估計在2022年公司將可恢復盈利,並下調公司今、明兩年每股盈利虧損3-11%,以反映其重組計劃及國際遊行逐漸復甦。

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