《大行報告》美銀證券升國泰(00293.HK)目標價至11.5元 去年下半年業績勝預期
美銀證券發表報告指,國泰航空(00293.HK)去年純利接近紀錄高位,在強勁收益率支持下,去年下半年純利較市場預期高出約15%。
該行預期國泰未來純利將自去年高峰逐漸回落,香港運力增長緩慢意味著客運收益率正適度下降,以及來自國航(00753.HK)貢獻按年改善。該行上調國泰今明兩年每股盈測各1%,以反映2023財年業績略勝預期,維持予集團「買入」評級,目標價由10.7元調升至11.5元。
美銀證券表示,國泰的目標是到2025年首季運力可完全回復到2019年水平。管理層預計,今年客運收益率將逐步正常化。該行料集團未來兩年的收益率將按年下降7%至9%。國泰又預期,今年貨運收益率將按年下降,但在強勁的電子商務需求支撐下,應該會保持在2019年水平以上。
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