《大行報告》美銀證券升東航(00670.HK)目標價至3.1元維持「買入」評級 降國航(00753.HK)目標價至3.6元
美銀證券發表研究報告指,疫情下內地航空公司或錄得最大的中期虧損,在國航(00753.HK)發布中期盈警後,相應下調該公司盈利預測及目標價。至於其他航空公司,則由於盈利預警大致符合預期,美銀僅對預測作小幅度調整。
展望未來,該行預期中共「二十大」舉行後,內地當局將重新放寬旅遊限制,預計2023年國內及國際出行將恢復到正常水平的90%及25%。
該行對東航(00670.HK)及春秋航空(601021.SH)給予「買入」評級,東航H股目標價由2.9元上調至3.1元,認為憧憬重新開放未反映在股價表現上;國航雖然是政策放鬆的最大受益者,但利好因素已反映在股價上,因此將H股目標價由3.85元下調至3.6元,評級「跑輸大市」。
南航(01055.HK)目標價則由3.65元升至4.2元,考慮到中期虧損略有收窄,予「跑輸大市」評級。美銀預期,內地航空公司下半年虧損幅度將收窄至2020至2021年水平,相信今年上半年內地大規模疫情不太可能重演。
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