大和:下調中國飛機租賃(1848.HK)每股盈測 降目標價至7港元
大和發表研究報吿指,中國飛機租賃(1848.HK)發盈警,預期去年盈利按年下跌60%至65%,儘管受到一次性項目的推動,但反映其盈利波動性,將集團評級由買入降至持有,目標價由10.2港元下調至7港元。
大和表示,集團的非現金虧損觸發了盈警。其收入和營業利潤則大致按年基本持平,而其現金餘額將按年略增,剔除這非現金項目後的調整後收益將為約8億元人民幣,比該行預期按年下降約10%。
該行又關注Aviation Synergy在未來持續虧損,除了2億港元的投資損失和準備金外,該行預期,由於新冠疫情影響,該公司的損失可能非常巨大,而且該公司將需要更多的時間來恢復,因為它早在疫情爆發前已經處於虧損狀態。
大和考慮到集團的盈警後,將2020至2022年的每股盈利預測下調10-18%。不過,該行認為集團仍將受惠於全球旅遊復甦。

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