《大行》大摩:國泰(00293.HK)上半年業績未達市場高預期 因乘客收益率低於預期
摩根士丹利表示,國泰航空(00293.HK)公布2025年上半年普通股股東應佔淨利潤為36.5億港元,按年增長8.3%。經營利潤為59億港元,與去年同期持平,但低於市場預期66億港元。受可轉債回購影響,攤薄每股盈利按年增長16.6%。集團上半年總收入為543億港元,按年增長9.5%。
國泰航空上半年營運現金流為112億港元(2024年同期為106億港元)。截至2025年6月,集團可動用流動資金達215億港元。中期股息維持每股0.2港元,按年持平。按公告前收盤價計算,股息收益率為1.7%。
大摩表示,國泰客運收益率低於預期,主要由於長途航線收益率持續正常化及短途航線競爭加劇,儘管商務艙需求強勁且載客率按年提升。市場普遍預期2025年全年淨利潤將按年下降,但該行認為下行風險有限。評級「與大市同步」,目標價12.1元。
國泰航空現報10.8元,跌10.07%,成交2,737.28萬股,涉資3.03億元。
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