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大摩:升中銀航空租賃(2588.HK)目標價17.6% 靜待買入良
格隆匯 12-20 17:13

摩根士丹利發表研究報告指,由於估值提高,中銀航空租賃(2588.HK)的股價年初至今累升了43%,大摩上調該公司目標價17.6%,由原來的60.1港元升至70.7港元,惟因現價已達2020年預測市帳率的1.4倍,考慮到經濟前景及人民幣升值空間後,認為獲重估的空間有限,因此維持其“與大市同步”的評級,以等待更佳買入機會。

大摩認為,中銀航空租賃估值增長主要反映出:(1)公司穩定的業績及強大的風險管理能力已得到市場認可;(2)當市場利率下降時,該股將被視為收息股選擇之一;(3)當人民幣貶值時,市場認為美元主導的資產更具吸引力;以及(4)一旦製造商交付出問題時,中銀航空租賃的資產價值有機會上升。

大摩續指,中銀航空租賃的基本面仍然保持穩定,但將該公司2019至2021年的盈利預測分別下調3.3%、2.4%及0.2%,意味按年增長分別達7.5%、10.9%及8.5%,而2019-21年的複合年均增長率為9%。

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