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大行評級|大和:下調首都機場目標價至2.8港元 正處於恢復盈利軌道

大和發表研究報吿指,首都機場將其廣吿及國際零售業務的委託管理費分別從22%及20%下調至16%及10%,修訂即時生效並追溯至2024年全年。管理層預計,修訂後每年可降低營運成本1億元。此外,2024至26年的最新費用和年度上限已考慮到潛在的業務復甦,該行認為,集團在合約期內上調的可能性不大,看好管理層進取地控制營運成本及公司營運槓桿的潛力。

大和指,由於首都機場平均免税消費及平均廣吿支出的復甦幅度低於預期,下調集團2024年的免税及廣吿收入增長預測至13%及15%。另外,雖然該行預計集團今年仍將錄得淨虧損,但正處於恢復盈利軌道,調升其2025至26年的每股盈測2至4%,以反映委託管理費削減的情況。該行重申“買入”評級,目標價由3港元下調至2.8港元。

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