大行評級|瑞銀:微升首都機場目標價至3.31港元 維持“買入”評級
瑞銀髮表研究報吿指,首都機場在出席其投資論壇時表示,公司4月國內及國際日均飛機起降架次回覆至2019年水平的120%及70%。飛機起降架次的恢復將比旅客量高出5%至10%。另外,公司預計航空收入將穩步提升,而免税收入則面臨很大的不確定性,因為人均免税消費僅為180至190元。公司亦提及,其目標是加快國際航班的恢復速度,國際航班在2024年的客運量將達到客運量的25%,並預計未來2至3年內,首都機場每年將有約5億元的資本支出。
該行分別下調對公司2024年至2026年的每股盈利至0.04元、0.13元及0.26元,主要因為2024年至2026年的人均免税消費下調至200元、210元及220元。因為加權平均資本成本由11.1%降至10.6%和免税業務低過預期導致每股收益下調,該行微升公司目標價,由3.22元升至3.31港元,維持“買入”評級。
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