《大行报告》摩通下调国泰(00293.HK)目标价至6.2元 评级「中性」
摩根大通发表的研究报告指,国泰航空(00293.HK)公布重组计划,涉22亿元开支,措施包括裁员及结束港龙等,规模与区内同业类似,早前新航宣布裁减两成员工,而澳洲航空亦裁约三成人,考虑到跨境旅游复苏较预期慢,而前景亦存在不确定性,公司的重组计划目标是减慢烧钱速度并缩细业务规模。
公司预计在乐观的情况下2021年营运将回复疫情前50%以下的运力,低於该行早前预计的60%,相信香港及新加坡的旅游气泡对投资气氛正面,但难改变短期的整体复苏进程。考虑到最新公布的重组计划,该行将公司目标价由6.5元降至6.2元,评级维持「中性」。
该行指出重组重点包括是结束港龙的营运,并将大部分航线转至国泰及快运,另外总共裁减两成半职位,当中有2,600个被裁职位为未补上的职缺,而集团重组涉22亿元,料每月将节省5亿元。
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