瑞银:下调东航(0670.HK)目标价至5.2港元 评级“买入”
瑞银发表研究报告,下调东航(00670.HK)盈利预期9%,以反映国内乘客收益率下降、在新会计准则下摊销折旧等成本增加、及汇兑亏损,而目前估值已反映盈利下降及人民币贬值预期,但未反映中日航线覆盖增加,以及欧洲线业务增长。该行将其目标价由5.7港元降至5.2港元,维持“买入”评级。

该行维持对内地航空公司国际业务乐观的看法,尽管上半年整体乘客收益率按年跌1.3%,主因旅游需求较弱,及於三四线运力增加,不过东航国际线的收益率仍达到0.4%增长。中日航线可用客座公里收入升8.4%,管理层预期日本及欧洲航线可用座位公里升分别15%及20%以上,故维持国际业务正面看法,预期全年国际线收益率增长为1%。
该行又指,新会计准则下,需要将营运租赁放入资产负债表中,故会造成更高的摊销折旧数字,但被经营租赁及维修开支下降所抵销;扩大资产负债,但降低股本;外汇因素影响会较大及敏感度高,人民币兑美元每贬值1%,将拖累东航盈利12%。
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