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《大行報告》大和降美蘭空港(00357.HK)評級至「持有」 下調目標價至25元
阿思達克 12-16 11:54
大和發表研究報告指,美蘭空港(00357.HK)管理層對明年上半年展望審慎樂觀,預料要到2024年前景才轉為更加樂觀。 近日海口美蘭國際機場每日飛機起降架次增至約350架,客運量提升至3萬人次,雖然防疫措施寬後飛機升降及客運量均增加50%以上,但大和認為,12月份機場營運表現依然會較疫情前水平低50%。管理層亦預期旅客可能需要3至6個月時間來審視及決定行程,因此預計客運量將在明年下半年才會恢復。 大和預測,美蘭空港明年客運量將恢復至2019年約86%水平,至2024年則增長至2019年同期的約114%,指出海南免稅品銷售有望強勁復甦,看好其增長潛力。 由於客運量及免稅品銷售低於預期,該行預計美蘭空港今年將出現淨虧損,將2023至2024年每股盈利預測下調2%至28%,評級從「買入」下調至「持有」,籲投資者耐心等待更佳切入點,因股價自10月底低位已累升逾一倍;以現金流折現計,目標價則由26元略降至25元。
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