大行評級|傑富瑞:下調國泰目標價至9.8港元 維持“買入”評級
傑富瑞發表研究報吿引述,國泰管理層於近期的會議重申,公司營運情況符合早前在2023財年全年業績時的評論。
傑富瑞認為國泰客運收益率表現,與公司管理層在上財年業績及富瑞早前的預測保持一致,部分航線的客運收益率按年下跌10%。至於客運運力已恢復至疫情前80%,並繼續實現2025年首季回覆至100%的目標。管理層表示,今年夏季提前預訂機票的表現強勁,受惠於旅客需求被壓抑,以及商務旅行需求強勁。惟國泰未來計劃增加過境乘客數量的策略,對其客運收益率可能會產生負面影響。
該行預計,國泰今個財年的營業利潤已經見頂,不過其盈利表現將受惠於中國國航盈利復甦。為反映上述因素及員工成本上升,富瑞將國泰目標價由10.5港元下調至9.8港元,維持“買入”評級。
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