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《大行報告》瑞銀下調中銀航空租賃(02588.HK)目標價至71元 評級「買入」
瑞銀將中銀航空租賃(02588.HK)目標價由78元下調至71元,維持評級為「買入」,去年純利為5.61億美元,按年增10%,符合該行及市場預期。隨著世界各地重開航空旅遊,扭轉自2019年以來的下降趨勢,於去年下半年平均租賃收益率上升10個基點至9.6%,並維持35%的派息率。 公司向俄羅斯航空出租18架飛機,將因為俄羅斯被制裁而受到影響,佔賬面值和收入約4.8%,由於或會獲得較低租賃費用率,故瑞銀將中銀航空租賃在2022年至2023年的稅後凈利潤預測下調7%至9%。該行相信,隨著全球流量增加,這可透過降低飛機減值開支而得以緩解,故仍預測集團兩年的每股收益複合年增長率為19%。 該行將目標價下調9%,以反映盈利變化,又指自2月23日以來,股價下跌25%,充分反映市場對於俄羅斯帶來的負面影響,其賬面凈值總額為9.35億美元的風險敞口,故維持「買入」評級。(ca/u) ~
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