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《大行报告》大和降国泰(00293.HK)评级至「跑赢大市」 目标价上调至7.8元
阿思达克 03-11 10:02
大和发表研究报告,指国泰航空(00293.HK)去年亏损219亿元,大致符预期;由於现估值上行空间有限,投资评级由「买入」降至「跑赢大市」,目标价则由6.9元升至7.8元。

该行指出,虽然国泰客运收入按年跌84%,但货运收入仍录17%增长;即使收入货运吨公里(RFTK)、可用吨位公里(AFTK)分别按年跌约30%,货运收益率和载货率按年仍录明显改善,提振货运收入。大和称,货运收益率上升及RFTK增长改善料持续在客运低迷下刺激集团今年收入。

大和又称,去年亏损主因多项单次性因素,如重组成本和港龙品牌撇帐等,而今年将不会出现。管理层相信今年关於飞机的拨备已计入现况,同时估算以油价56美元的对冲价格,将可有助降低对冲亏损额。

该行表示,在可见度较低的情况下,管理层维持对国泰经营展望,即经营运力远低於2019年的50%,今年上半年低於前年的25%。不过管理层称,广泛疫苗接种料属星港旅游气泡重启,以至对抵港机组人员放宽隔离措施的正面因素。大和亦收窄国泰今年每股亏损预测,由原先每股亏损1元收窄至0.6元。

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