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《大行》瑞銀升中銀航空租賃(02588.HK)目標價至85元 籲買入
阿思達克 07-15 11:49
瑞銀發表報告指,中銀航空租賃(02588.HK)將於8月公布中期業績,該行料核心淨利潤將按年增長14%,主要得益於飛機資產增速重新加快。公司上半年預計接收24架飛機,而去年同期為18架,將支持經營租賃租金收入增長。當中,由於租賃需求強勁,新接收飛機的租金收益率預計將高於現有平均水平。另一方面,由於期內出售飛機的平均機齡高於去年同期,因此預計處置利潤率將有所下降。成本方面,該行料上半年平均債務成本將輕微上升。但由於浮動利率債務佔比約30%,即將啟動的減息週期有望可降低公司債務成本。 該行將中銀航空租賃2025至2027年的核心淨利潤預測上調6%至16%,以反映債務成本下降,估計債務成本將於2026年達至頂峰。並料2025至2027年股本回報率(ROE)達11%至13%,相比起疫情期間為15%;將中銀航空租賃目標價由76.2元升至85元,予「買入」評級。
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