《大行報告》大和下調國泰(00293.HK)目標價至6.7元 評級「跑贏大市」
大和發表研究報告指,國泰航空(00293.HK)貨運業務經營表現向好,已成為公司主要支柱,加上成本控制措施奏效,有助停止每月「燒錢」情況,預期下半年業績將較上半年有所改善,但全年仍會錄得整體虧損。
該行指出,客運業務前景依然取決於邊境是否重開,目前公司預期,隨著海外市場逐漸開放,看到航空中轉的機會,但進一步復甦將取決於旅行限制、檢疫要求和邊境開放,預計中港或於明年通關,估計第四季可用座位公里將達到疫情前水平約10%,但考慮到新變種病毒株Omicron的不確定性,對明年未制定具體目標。
大和表示,貨運業務表現勝於預期,預計國泰今年淨虧損將收窄,但由於通關時間可能延遲,因此將2022至2023年每股盈利預測削減44%至66%,預期收入乘客千米數復甦速度將由25%及50%,降至18%及40%。該行重申國泰「跑贏大市」評級,目標價由7元下調至6.7元。
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