《大行》瑞銀料國泰(00293.HK)中期基本盈利按年升35%
瑞銀發表研究報告指,國泰航空(00293.HK)今年6月份客運表現兩極分化,全服務航空(FSC)收益乘客千米數(RPK)按年增長29%,超越可用座位千米數(ASK)26%的增幅,帶動載客率提升2.1個百分點,主要受英國及美國留學生返港,以及部分日本客源轉向東南亞及中國內地所帶動。
報告指出,管理層預期夏季長途航線需求穩健,然而旗下香港快運(HK Express)受日本航線需求急跌拖累,載客率大幅下滑15.7個百分點,日本航線佔其6月ASK達55%。貨運方面,受美國加徵關稅前的提前出貨帶動,6月貨運量按年增長3%,東南亞及台灣往美洲的電子產品及一般貨物更錄得顯著增幅。
瑞銀認為香港快運短期疲弱不會對中期業績帶來影響,維持國泰上半年基本盈利按年增長35%的預測,並預期日本航線需求將隨7月地震傳言憂慮消退逐步復甦,維持「買入」評級,目標價12.9元。
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