《大行報告》匯豐研究升國泰航空(00293.HK)評級至「買入」 上調目標價至8.7元
匯豐研究發表報告指,航空業貨運運力持續緊張,特別是目前旺季,令香港地運費自8月起提高24-84%。領先指數反映未來數月需求繼續增長,而且疫苗運送亦推動貨量增長。
該行預期至2021年,貨運的利潤仍然維持高水平。今年迄今貨量跌12.4%,而客量跌65%。IATA預期受惠經濟復甦和疫苗運輸,明年貨量可回升至2019年水平。按該行簡單計算,預期疫苗運量需求只有少於2%的增長貢獻,不過卻對運費有明顯貢獻。
該行又指,國泰(00293.HK)、國航(00753.HK)在貨運方面有較高佔比,假設國泰EBIT為25%,而內地三大航空公司為15%,預期今年貨運利潤可抵銷9-30%其他業務虧損。
該行升國泰評級至「買入」,目標價由6.7元升至8.7元,並重申對內地三大航空公司「買入」評級。
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