《大行報告》大和下調南航(01055.HK)評級至「持有」 指估值已合理
大和發表報告表示,下調對南方航空(01055.HK)投資評級,由原來「買入」降至「持有」,維持目標價4.8元,此相當市賬率1倍,指南航現值相當預測明年市賬率0.93倍合理,已高於同業國航(00753.HK)的0.8倍及東航(00670.HK)的0.88倍。
該行指,下調對南航今年本地收入客公里(RPK)預測,由原來按年跌40%,下修至跌43%,基於預期今年第四季營運數據遜預期,但對於2021年預測,該行料南航RPK增長將從按年升16%上修至增長51%。
大和料南航今年虧損124.66億人民幣,料2021年全年仍會錄經調整虧損20.12億人民幣,因對國際航線預測調整。
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