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《大行報告》大摩上調國泰(00293.HK)目標價至12元 評級「增持」
摩根士丹利發表報告指,國泰(00293.HK)上半年經營溢利是1996年以來最高,亦是香港自疫情後重新開放以來,首次業績好過預期,在考慮其他不利因素下,包括國航(00753.HK)投資虧損、燃料對沖收益減少、全球及中國經濟疲弱打擊需求等,該行認為國泰業績令人鼓舞。 大摩認為國泰的盈利增長周期未見頂,因為未來四至六個季度,本港航空客運市場供應仍然短缺,估計乘客收益率將由現水平回復正常,客運力提升,來自國航的投資收益改善,都會支持國泰的利潤率上升。 因應國泰上半年業績強勁,大摩將2023年、2024年及2025年的盈利預測,分別上調145%、94%及67%,較同業預測高出20%至32%,目標價由10.7元上調至12元,維持評級「增持」,又認為市場未完全反映國泰的盈利上升周期,以及潛在派息的利好因素。
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