《大行报告》大和首予美兰机场(00357.HK)「买入」评级 目标价45元
大和发表研究报告,首予美兰机场(00357.HK)「买入」评级,以现金流折计率计,目标价45元,认为属内地境内旅游强劲及海南免税市场扩张的前缘受惠者。该行指公司短期及长期料迎来多个催化剂。海口美兰机场二期启用後,以总楼面面积计,美兰机场将是内地最大机场免税店。即使在最新离岸免税政策引进前,美兰机场对免税店租金的依赖有限,但料免税店租金收入将成为公司重要收入引擎。
报告称,海口美兰机场二期接近竣工,将在2021至2022年启用,未来客运容量将倍升,成为海南省最大机场。在国际敞口及货运吞吐量而言,该行认为海南省自贸区将为美兰机场展开新一页。报告形容公司现估值吸引,今年将是丰收的一年,属疫情後第一年度可以完全受惠於最新国策。
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