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大和:維持國泰航空(0293.HK)跑贏大市評級 目標價降至7.5港元
格隆匯 06-28 12:43

大和發表報吿,將國泰航空(0293.HK)目標價從7.8港元削至7.5港元,維持跑贏大市投資評級。

報吿指,管理層在投資者會議中指,該公司現時運力水平是疫情前的8%,正計劃在未來兩季將運力提升至10%及30%。管理層預計在未來兩個月留學生回到美國及英國下,在第三季運力將有温和上升。管理層又預計由於檢疫期縮短,以及香港與新加坡的旅遊起泡,加上香港及內地有機會通關,第四季運力將會再提升。

報吿又指,管理層稱近期強勁貨運需求推高貨運率,在高基數效應下仍高於去年水平,同時雖然今年初每月現金消耗較高,但預計下半年現金消耗將會減少至每月少於10億元,公司在5月底流動性已有改善。該行指,考慮到首5個月低於預期的客運需求及下半年運力指引,預計2021年淨虧損將進一步擴大,但部分被好於預期的貨運收益率和成本控制所抵銷。

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