《大行报告》大摩指中航信(00696.HK)股价疲弱与稳固基本面背驰 呈强劲买入信号
摩根士丹利发表研究报告,指中国民航信息网络(00696.HK)近期股价表现与稳固基本面有明显落差,按过去经验是强劲买入信号,投资内地境内航空业复苏的故事,予「增持」评级,目标价21元。
报告称,在五一假期小高峰後,内地境内航空需求维持稳固,客量较2019年同期水平高约10%。该行追踪海南岛航空旅客量确认上述趋势。美兰及三亚机场客量较2019年同期水平高出分别10%及25%。
大摩表示,自3月中旬起,留意到公司相对股价表现(累跌约20%,同期恒指跌约2%)与境内航空客量背驰,认为该情况不会持续,未来一至两个月将重新贴近历史走势,源於中航信盈利最终取决於航空客量。另该行称,现时公司估值相当於预测市盈率17倍,较五年历史均值20倍低出一个标准差,属吸引。该行料近期股价回落忽略了中航信盈利复苏周期。
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