《大行报告》里昂下调中航信(00696.HK)目标价至19.3元 评级「跑赢大市」
里昂发表的研究报告指,最近与中国民航信息网络(00696.HK)进行电话会议,管理层指虽然本地确诊个案反弹,但中国民用航空局维持审慎乐观,料今年客量将达5.9亿,意味将按年升41.3%,并到2019年的九成水平。该行相信估算是受本地航线复苏,不过国际航线表现仍缓慢,估计今明两年内地客运将分别按年增41.4%及16%,而农历新年期间取消预订费用豁免估计为中航信带来的财务影响有限。
该行估算去年公司净利应为5亿元人民币,主要受惠下半年国内航线复苏。管理层预计中期将聚焦於研发,特别是开放平台发展、云计算及国家安全等,而数据中心租赁业务亦具潜力。该行将公司2020-22年核心盈利预测降67.2%、19.6%及9.8%,以反映最近发盈警及平均销售单价下降的影响,目标价由21.4元降至19.3元,重申评级「跑赢大市」。(el/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.