《大行報告》大摩上調國泰(00293.HK)目標價至8.2元 評級「增持」
摩根士丹利發表研究報告,重申國泰(00293.HK)維持「增持」評級,表示對香港重新開放邊境管制措施的憧憬未變,雖然時間存在不確定性,或推遲至今年底,但考慮到國泰的定價能力、成本控制措施有效、流動性管理狀況及貨運業務持續強勁,認爲公司的下行風險有限。
該行指,自疫情發生以來香港爲全球航空往來恢復得最少的市場之一,國泰今年1月可用座位千米數(ASK)與2019年同期比較仍下跌97.9%,反映客流量及盈利復甦空間很大,未來將持續關注疫情進展及政府防疫與其他措施的變化。
大摩指出,雖然大環境仍存在不確定性,但是看好國泰有效的成本控制措施,以及貨運業務在有限的貨運能力下持續走強,抵銷客運業務的疲弱,將2022年盈利預測分別下調66%至3.23億元,對比市場預期虧損5.47億元,並將2023年預測下調7%,較市場預測高出4%,目標價由7.6元上調至8.2元,看好其長遠定價能力。
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