瑞信:降东航(0670.HK)目标价至4.7港元 评级“跑赢大市”
瑞信下调东航(00670.HK)目标价,由5.4港元降至4.7港元,评级维持“跑赢大市”。该行基于最新航空需求趋势及人民币汇价,下调今明两年盈利预测6%至22%。

该行认为东航估值已处最为负面水平,贸易紧张及人民币疲弱仍为主要宏观不利因素,油价带来的下行风险威胁则减低。该行又指,东航中期业绩大致符预期,但预期第三季度在客量需求大致稳定下,收益短期内仍会受压。货运业务亦因贸易紧张再度升级而受压。该行亦估算东航中期剔除燃料的单位成本按年跌2%。
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