《大行報告》裏昂降中航信(00696.HK)評級至「跑輸大市」 下調目標價至15.2元
中國民航信息網絡(00696.HK)發盈喜,與2020年度淨利潤4.12億人民幣相比,預計2021年度淨利潤介乎5.5億至7億人民幣。裏昂認爲,業績數字低於預期,主要由於2021年上半年空運量較預期弱,基於對2008年北京夏季奧運的研究和疲軟的2022年開局的分析,預計短期內的航空勢頭會因疫情和北京冬奧而疲弱。
該行將中航信的交通量增長預測從增長19.8%下調至6.4%,將其目標價從16元下調至15.2元,相當預測2023年市盈率17倍,評級從「跑贏大市」下調至「跑輸大市」。
在較低基數下,裏昂將中航信2023年的交通量增長預測從14.7%上調至 34.9%,並將其2021、2022和2023年的核心淨利潤預測下調20.7%、40.2%和8.5%。
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