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大華繼顯:三大中資航空現金流強勁反映業績正復甦 首選南航(1055.HK)
格隆匯 11-03 17:12

大華繼顯發表報告指,三大中資航空公司中國南方航空(1055.HK)、中國國航(0753.HK)及中國東方航空(0670.HK)今年第三季均錄得正面經營現金流、利潤率介乎40至50%,估計是受惠於貨運量激增,而非乘客收益率有所復甦。該行維持行業“與大市同步”評級,建議投資者在憧憬各國重新開關及疫苗運輸下,繼續持有相關股份,並列南方航空為首選,將其評級上調至“買入”,目標價亦由4.52港元升至4.84港元。

大華繼顯稱,在計入經營租賃款項後,三間航空公司每季經營現金流料介乎16至24億元人民幣;儘管三間公司均未有提供業績指引,惟從現金流強勁可得知其業績正在復甦。然而,為提高載客率,相信季內航空公司仍是進取地降低票價,但希望減價勢頭於第四季可減弱。由於第四季貨運收益率急升,故該為航空公司或會加大貨運量。

另外,該行又下調東方航空目標價9.36%,由4.7港元降至4.26港元,至於國航目標價則續看7.1港元,均予其“買入”評級。

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