You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大和降國泰(00293.HK)目標價至7.5元 評級「跑贏大市」
阿思達克 06-28 12:42
大和發表研究報告指國泰航空(00293.HK)管理層在上週五(25日)分析員會議上分享了略爲改善的下半年展望,特別是特定地區潛在有限度復飛,維持予「跑贏大市」評級,目標價由7.8元降至7.5元。

報告稱,由於乘客需求上升,下半年有計劃擴張運力。現時國泰經營規模相當於疫情前運力的8%,有計劃未來兩季分別升至疫情前約10%及30%水平。基於目前機票預訂,管理層預期下季運力溫和擴張,可受惠於留學生未來兩個月回英美上學帶來的需求。公司預期第四季加快擴張運力,料隨着香港最近縮短來自特定地區旅客隔離時間及星港旅遊氣泡重啓,料乘客需求進一步上升。管理層重申香港與內地有限度通關的可能性。貨運方面,在運力有限及海運費率高企下,即使在高基數下,管理層稱強勁貨運需求提升空運費率至略高於去年水平。

大和表示,國泰在持續成本控制下現金消耗減慢。管理層料上半年每月現金消耗將放慢至少於15億元,下半年每月現金消耗將放慢至少於10億元。在計及債務融資及延長過橋貸款後,國泰截至5月底有328億元流動性,該行料倘乘客需求仍疲弱,則有可能進行額外融資。

報告料計及首五個月乘客需求遜預期,及管理層最新下半年展望後,料國泰今年全年虧損將擴大,但被貨運收益率勝預期及成本控制所部分抵銷。該行料國泰今年蝕76.51億元,明年扭虧賺28.64億元,2023年純利進一步增至61.51億元;相應今年每股核心虧損預測1.188元,明年錄每股核心純利0.445元,2023年每股核心純利料增至0.955元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account