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匯豐環球:升國泰(0293.HK)目標價至6.7港元 維持持有評級
格隆匯 11-23 12:47

匯豐環球研究發表報告,將國泰航空(0293.HK)目標價從6港元升至6.7港元, 維持持有評級。

報告指,公司指2020年下半年業績將會較上半年弱,另外第一至三季,客運運力是2019年的25%,但國泰料第四季客運運力將會只有少於10%,另外公司亦指重組計劃的35億元成本將會在下半年入賬,每月現金淨流失將會減至10-15億元。由於客運量下降和重組費用,將2020年虧損上調至210億港元,並將2021年虧損預測上調至67億港元,預計國泰在2022年才能實現盈利。

報告又指,國泰料2021年下半年載客率會高於50%,惟全年載客率仍會低於50%,考慮疲弱復甦前景,公司長期停放了83架飛機,佔機隊45%,並加速了舊飛機退役,同時將新飛機交付推遲到2022年以後 。國泰又表示,貨運需求一直保持強勁,實際上在中美貿易通道已恢復到疫情前水平,料空運將從未來疫苗供應鏈中受益。

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