《大行报告》大和下调中航信(00696.HK)目标价至23元 评级「买入」
大和发表报告将中航信(00696.HK)2021至2023年的每股盈利预测下调18%至33%,以反映对国内和国际预订量的最新假设,基於保守的预订假设,2021至2022年度的每股盈利预测比市场预期低2%至18%。但2023年每股盈利预测较共识高9%,将目标价由27元下调至23元,维持「买入」评级。
对於近期广州疫情,大和认为短期的负面因素不太可能影响国内强劲的旅游需求。根据专业谘询研究机构CAPSE的最新调查,6月休闲旅游意愿指数按月下跌42%,而商务旅游意愿指数没有变化。该行相信休闲旅游的疲软是由於最近的疫情和雨季造成。根据内地春节後控制疫情的经验,对疫情得到控制後国内旅游的恢复速度有信心,因为约80%的受访者认为飞机是疫情期间最安全的交通工具。因此,该行只将今年国内旅游预订按年增长预测由8%降至5%。
国际旅游方面,大和认为国际客流复苏会延迟至2022年,2021年和2022年的预订量将分别恢复到2019年的9%和30%。
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