富瑞:重申國泰航空(0293.HK)“買入”評級 目標價8.4港元
富瑞發表研究報吿指,由於持續的旅行限制,乘客的復甦再次停滯,預計國際流量只有在內地與香港邊境開放時才會恢復,導致國泰航空(0293.HK)把今年第四季度的乘客運力目標下調至2019年第4季度約14%,但認為其貨運仍然是主要的利好因素,而國泰下半年至今的收益率亦高於該行估計,而其現金消耗減少和貨運收益率提高導致最近的損失收窄,但乘客復甦或延遲至2022年,予目標價8.4港元,重申“買入”評級。
該行表示,國泰管理層重申其正面的貨運前景,由於旺季的強勁表現、航空運力受限以及集裝箱港口擁堵所導致的供應鏈中斷,亦指貨物收益率超出預期,因為該行估計國泰今年下半年貨物收益率按季僅上升2%。

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