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《大行報告》大和降國泰(00293.HK)評級至「跑贏大市」 目標價上調至7.8元
阿思達克 03-11 10:02
大和發表研究報告,指國泰航空(00293.HK)去年虧損219億元,大致符預期;由於現估值上行空間有限,投資評級由「買入」降至「跑贏大市」,目標價則由6.9元升至7.8元。

該行指出,雖然國泰客運收入按年跌84%,但貨運收入仍錄17%增長;即使收入貨運噸公里(RFTK)、可用噸位公里(AFTK)分別按年跌約30%,貨運收益率和載貨率按年仍錄明顯改善,提振貨運收入。大和稱,貨運收益率上升及RFTK增長改善料持續在客運低迷下刺激集團今年收入。

大和又稱,去年虧損主因多項單次性因素,如重組成本和港龍品牌撇帳等,而今年將不會出現。管理層相信今年關於飛機的撥備已計入現況,同時估算以油價56美元的對沖價格,將可有助降低對沖虧損額。

該行表示,在可見度較低的情況下,管理層維持對國泰經營展望,即經營運力遠低於2019年的50%,今年上半年低於前年的25%。不過管理層稱,廣泛疫苗接種料屬星港旅遊氣泡重啟,以至對抵港機組人員放寬隔離措施的正面因素。大和亦收窄國泰今年每股虧損預測,由原先每股虧損1元收窄至0.6元。

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