《大行報告》瑞銀下調國泰(00293.HK)目標價至7.8元 評級「買入」
瑞銀發表研究報告指,國泰航空(00293.HK)上半年經調整虧損錄67億元,較去年同期虧損74億元有改善,當中剔除了5億元有關11架飛機的撥備,以及4.03億元的重組成本。
整體表現符合管理層在6月時所示之預期,當中包括可用座位公里(ASK)按年跌85%,收入跌43%等,大致被客座收益率提升,以及貨運業務表現強勁所抵銷。貨運收入持平,因運力下降大致被收益率和載貨量提升所抵銷。
在成本方面,公司收入持續復甦、每月「燒錢」數字減少至低於10億元,相對去年下半年達15億至20億元。
管理層料第四季運力將回復至疫情前水平的30%,較此前預期的50%為低,因此下調其復甦速度,料公司在2021、22及23年,ASK分別只會達到2019年的18%、50%及70%,由此計算,料需2023年才可轉盈,目標價下調8%至7.8元,反映Delta變異病毒影響。
該行又指,公司有足夠的資產負債表去抵禦不確定性因素,亦相信公司做好準備去迎接復甦。今年股價已下跌15%,估值低於七年平均值,短期仍缺乏利好催化劑,但中期風險回報吸引,維持「買入」評級。
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