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《大行報告》大和下調東航(00670.HK)目標價至3.3元 評級「跑贏大市」
阿思達克 09-01 14:17
大和發表研究報告,指出東航(00670.HK)上半年收入按年增長38%,當中客運及貨運業務收入均增長40%及51%,增幅高於經營開支之20%升幅。 該行預期,剔除外匯影響及非經常性項目後,經調整淨虧損為 53 億元人民幣。管理層解釋,淨虧損恢復較同業慢,是由於雲南及浦東機場等主要市場第二季受到疫情再爆發的影響。 公司指出,今年5月1至5日假期內客運量及機票價格均超越2019年水平,但部分地區有受到疫情影響,估計旅遊需求有約1.5個月受壓,因此預計國內旅遊需求將在9月中旬恢復,延遲的需求可能會延續到11月。大和認為,當局政府不太可能在第四季取消國際出遊限制,但學生海外升學需求仍強勁。經營成本方面,管理層預計燃料成本將下降,若飛機利用率進一步提高,則每單位成本有望改善。 大和預計東航今年淨虧損將擴大,因此將2022年每股盈利預測下調 77%,目標價由3.6元下調至3.3元,由於估值不高,重申對「跑贏大市」評級。
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