大摩:升中銀航空租賃(2588.HK)目標價至62.1港元 維持與大市同步評級
摩根士丹利發表研究報告指,中銀航空租賃(2588.HK)比全球同行擁有更強的現金籌資能力,且疫情研發也刺激航空業復甦前景,惟近期股價大漲後,進一步上升空間有限,決定將目標價由53.6港元升至62.1港元,維持與大市同步評級。
報告指出,中銀航空租賃資產質量優於同業,得益於平均剩餘的租賃期限更長、未來現金流更可預測、機隊年輕化及具有反週期的資本支出能力等因素。不過,疫情流行給中銀航空租賃的短期收益帶來多方面下行壓力,疫苗研發的消息將提振航空業復甦,公司股價自11月2日已上漲逾40%,很大程度上已反應疫苗利好消息。
大摩已將中銀航空租賃2020-22年的盈利預測分別下調16.1%、5.4%和4.4%。

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