《大行報告》傑富瑞升國泰(00293.HK)評級至「買入」 目標價上調至8.7元
傑富瑞發表研究報告指,國泰(00293.HK)維持虧損,但相信已接近復甦點,主因貨運需求和收益率反彈,並可望受惠明年疫苗推出、香港推出航空旅遊氣泡、政府放寬隔離措施,故相信最壞情況已過,目標價由6.3升至8.7元,評級由「持有」上調至「買入」。
該行指,預期香港的航空旅遊氣泡措施,將於明年擴至逾10個國家及地區,而政府亦積極推進有關措施。
該行又指,貨運維持公司現金流表現,今年至今,來自香港-歐洲,及香港-美國航線航空貨運收益已提升47%及40%,在第四季傳統旺季的帶動下,上述航線的收益率自9月底已增加44%及72%,未來環球航空將受惠疫苗的推出,加上在9月份,航空貨運運力按年減少25%,有助貨運業務表現提升。
該行表示,因應公司美元債務和海外收入,故近期美元轉弱成為正面因素,同時人民幣轉強,亦有助國航(00753.HK)收入增加,而較高油價對國泰是略為正面,因燃油對沖虧損較少。
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