《大行報告》瑞信上調航空股目標價 首選南航(01055.HK)
瑞信發表研究報告指出,內地最近放寬旅行限制應有助於交通回復正常化,但基於「動態清零」的政策下,相信短期或呈逐步復甦。該行估計國內航空客運量於第二季內地部分城市「封城」而觸底後,全年有望達至疫情前水平的65%,而第三季及第四季可分別達至80%及90%水平,相對於目前約為60%。
該行將內地2022航空總客運量預測由75%下調至55%,將2023年的航空總客運量預測由原來95%下調至92%水平,估計至2024年有望大致回復至疫情前水平。另預期今年行業虧損擴大,但2023年盈利將提高5%至10%。
瑞信看好航空股估值和更為明顯的國內復甦,首選南航(01055.HK)(予「跑贏大市」評級),上調目標價由4.9元升至5.5元,將東航(00670.HK)(予「跑贏大市」評級)目標價由3.1元升至3.7元,維持對中國國航(00753.HK)「中性」評級,上調目標價由5元升至6.4元。該行亦上調對國泰(00293.HK)目標價由7.3元升至8元,維持「中性」評級。
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