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星展:予中國飛機租賃(1848.HK)買入評級 降目標價至9.8港元
格隆匯 03-09 16:24

星展發表研究報吿指,中國飛機租賃(1848.HK)近日股價調整,為投資者帶來長線買入機會,儘管中飛租賃預計去年利潤錄得跌幅,但主要是一次性的特殊虧損項目,集團核心增長動力仍然理想,予以買入評級,但目標價下調9.3%至9.8港元以反映可能受累於國際營運和資產收購機會有限而將估值調低至相當於2021年1.5倍市帳率的影響。

該行指,由於中飛租賃業務主要面向中國航空市場,而中國航空公司業務將最快從疫情中復甦。另外,其飛機資產組合主要為受市場歡迎的現代化窄體客機,機隊剩餘租期達8.1年,是迎接疫後復甦的有利條件。

隨着飛機制造商生產率逐步恢復正常,根據集團飛機交付時間表,該行預計集團機隊訂單淨值於2021及2022年度將分別增長15%和26%,並推升集團2020-22年主盈利複合年增長率達至17%。

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