《大行報告》富瑞下調國泰(00293.HK)目標價至10.2元 評級「買入」
富瑞發表研報表示,與國泰(00293.HK)管理層交流後,預測隨著未來運力增加將令票價下降,貨運及乘客收益率可能會降低,當中今年客運收益率預期下降20%,明年料再跌15%。
但富瑞表示對公司前景看法相對樂觀,在被壓抑的客運需求強勁帶動下,相信盈利將隨著客運量增加而持續復甦,因此將目標價由10.4元輕微下調至10.2元,憧憬隨著客運量增加,盈利及現金流都會提升。
國泰目標今年3月客運運力可恢復至疫情前水平約50%,至年底達到70%,到明年底則預期可完全恢復,富瑞預期往來倫敦及日本等高利潤航線亦將持續增加,相信國泰今年下半年將恢復盈利,因為旅行出遊恢復正常,估計今明兩年客運量分別恢復至2019年疫情前約70%及90%,維持「買入」評級。
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