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《大行報告》大和降國泰(00293.HK)評級至「持有」 上調目標價至7元
阿思達克 11-23 10:15
大和發表研究報告指,國泰(00293.HK)管理層預期下半年虧損較上半年嚴重,並重申明年客機運力會維持在低於50%水平。評級自「買入」降至「持有」,目標價由6.8元升至7元。

該行指,星港航空旅遊氣泡,看到需求強勁,但預期復甦步伐緩慢,管理層指在公布措後,未來數周的機票已售罄。國泰亦正向各地的航空監管當局申請,取回過去國泰港龍的航線,目前正待審批。雖然預期客量未能於2024年回復至疫情前水平(與IATA預測一致),但管理層料亞洲區內和休閒旅遊,將帶領復甦,多於長線或商務出行。

該行又指,貨運方面,受惠傳統旺季及運力限制帶動,目前收益率正處於高位。中美兩地航線需求正回復至疫情前水平,管理層指,公司是少數取得國際航空運輸協會獨立醫藥物流驗證中心認證,並正討論有關疫苗安排措施,相信可帶動貨運業務,但目前估算對盈利影響仍言之尚早。

該行表示,在公司完成資本重組後,在10月底持有330億元現金,負債比率跌至0.73倍,對比6月有所改善,以每月「燒錢」10-15億元的速度計算,仍可支撐公司營運22-23個月,公司亦公布第三輪的自願休假計劃,規模與第二輪相若。

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