大和:料國航(0753.HK)今年虧損再擴大,降目標價至6.5港元
大和發研報指,國航(0753.HK)調升機票價格以抵銷航空燃油成本的上漲,相信政府放寬防疫限制後乘客需求將恢復。由於內地近期疫情反彈或令客運需求復甦進度受阻,該行預料國航今年淨虧損將進一步擴大,並將2023年每股盈利預測下調5%;重申“買入”評級,H股目標價由6.8港元下調4.4%至6.5港元。
報吿引述管理層強調,集團大部分非運營成本都在可控範圍內,但油價每上漲5%,航油成本將上漲約10%。然而,集團此前計入在機票價格中的燃油附加費已經能夠彌補60-80%航空燃油總成本上漲。
管理層又指,由於國內多地疫情反覆,加上最近的空難事年削弱乘客信心,3月份的客運航班數量仍然疲弱。但預計一旦防疫措施得以放鬆,預計客運需求將迅速強勁復甦,集團已為應付需求反彈做了充分準備。

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