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《大行報告》瑞信下調國泰(00293.HK)目標價至7.1元 評級「中性」
阿思達克 12-02 11:40
瑞信發表研究報告,引述國泰(00293.HK)在分析員會議指,在7至10月間,平均月度經營現金消耗收窄至接近收支平衡,2021年上半年月均經營現金消耗約9億元;受惠強勁貨運季節及成本控制。隨着減值縮減及燃油對衝錄收益,料國泰淨虧損將由上半年的76億元縮至下半年的31億元。客運較上半年輕微改善,在8至9月有留學生需求小頂峯。在12月客運運力料維持於疫情前約10%水平。 報告表示,在貨運運力短缺下,中期強勁貨運收益率料持續,許多航空公司加快淘汰老舊航機,在疫情後行業貨運運力將縮減。此外,短期而言,香港與內地通關將不會刺激航空需求,但倘進一步復關或有利國泰。 由於疫情影響持續及新變種病毒株帶來的威脅,該行調整今明兩年客運預測,至疫情前分別3%及40%水平,在新利潤率預期下,調升今年盈測20%,但降明後兩年盈測介乎9%至50%。目標價由7.2元輕微下降至7.1元,維持「中性」評級。
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