大行評級|星展:下調國泰航空目標價至10.8港元 維持“買入”評級
星展發表報吿下調對國泰航空的目標價,由12港元降至10.8港元,對應12個月預測每股EBITDA 4.8倍,低於原來的5.1倍,維持“買入”評級。該行認為國泰目前的4.2倍預測企業價值倍數(EV/EBITDA)不昂貴,在有希望的盈利展望下,股價仍為疫前五年平均值低1.5個標準差。超預期的重新派息安排亦顯示集團對業務復甦動力的信心,亦應視為價值重估催化劑。
該行相信,在有利供需動能支撐下,公司短期將繼續錄得高於疫前的盈利能力,尤其在長途航線,其競爭對手增加載客量能力不如國泰。該行對國泰的盈利預測大致維持,載客能力增長及載客率預測下調,由具韌性的乘客及貨運平均收入比率所抵銷。
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