《大行》大摩降國泰(00293.HK)盈利預測 下調目標價至10.8元及維持「與大市同步」評級
摩根士丹利研究報告指,基於國泰航空(00293.HK)今年上半年業績表現,將2025至2027年淨利潤預測分別下調7%、5%及7%,主要反映客運收益率預測下調,部分被成本控制改善所抵銷;同時上調資本支出預測,目標價由12.1元下調至10.8元。
該行指,若日本及泰國航線需求復甦優於預期,繼而支持收益率表現,或會轉向更積極看法。而中美貿易前景亦是變動因素,將影響貨運業務勢頭。另外,該行考慮到燃油成本佔國泰航空總成本約30%,油價走勢亦是重要觀察指標。在營運前景存在不確定性下,該行維持國泰航空「與大市同步」評級,7%股息收益率或可限制下行風險。
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