大行評級丨大摩:調低國泰航空目標價至10港元,關注關税戰影響
摩根士丹利調低國泰航空(0293.HK)目標價13.8%,由11.6港元下調至10港元,維持“與大市同步”評級。最牛及最熊目標價亦調低至13.9港元及6.5港元,減幅分別為8%及11%。大摩同時調低國泰今明兩年盈利預測分別1.4%及8%,反映貨運業務收益率預期下調,未有顯著調低盈測,因該集團在香港市場的定價能力和受惠燃料價格下跌,預期今年資本支出低,令自由現金流將保持健康。不過,貨運和客運盈利面對下行風險,尤其是北美航線。如果中美貿易因關税問題受到嚴重打擊,將顯著影響貿易量,進一步削弱貨運需求和客運流量。
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