《大行報告》大和上調國泰(00293.HK)目標價至10.3元 上半年業績勝預期
大和發表報告指出,國泰航空(00293.HK)中期業績勝預期,收入按年升1.35倍,當中客運收入按年飆升13倍,貨運收入則跌10%。期內客運和貨運收益率分別按年跌32%及52%,但仍較2019年水平高出逾40%。上半年營運開支(剔除對沖影響)按年增長72%,員工成本僅增長31%。
國泰上半年扭虧為盈,錄普通股股東應佔溢利39.6億元,該行料如剔除國航(00753.HK)配股19.3億元處置收益、燃油對沖收益4.83億元,以及3架飛機減值回撥2.08億元後,國泰經調整盈利為16.5億元。
該行認為,國泰上半年的客運收益及營運效率高於預期,對公司今明兩年的每股盈利預測上調62%至87%,料今明兩年客運收益持續高於2019年。重申對國泰「買入」評級,目標價由9.3元上調至10.3元,對公司業務前景持正面看法。
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