《大行报告》大和降中银航空租赁(02588.HK)评级至「持有」 目标价维持75元
大和发表研究报告,指美国联邦航空管理局(FAA)延长波音737 MAX重新认证程序至2020年。此外,波音自明年1月起暂停生产737 MAX系列客机,大和料对中银航空租赁(02588.HK)影响轻微。
报告称,737 MAX系列暂停生产料主因波音财政压力,而不是对737 MAX系列复飞展望感悲观。今年首十个月,波音付运量按年跌49%,主因737 MAX系列自3月起停止交付。另大和料波音将於短期获得FAA许可,737 MAX系列最快明年首季重投服务,并随後获其他国家放行。
大和表示,过去三季,中银租赁交付了34架飞机,该行全年预期39架。该行料中银租赁可达成大和对其全年盈利增长13%的预测。另公司开始以资产担保证券(ABS)形式将旗下飞机变现。该行相信飞机证券化将加快中银租赁变现进展,并在扩展中的ABS市场提供更多机会。
报告称,中银租赁现价相当於明年预测市帐率1.3倍,估值高昂,评级由「跑赢大市」降至「持有」,以现金流贴现率计,目标价维持75元,相当於明年预测市帐率1.28倍。
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