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《大行報告》大和降中銀航空租賃(02588.HK)評級至「持有」 目標價維持75元
阿思達克 12-23 15:03

大和發表研究報告,指美國聯邦航空管理局(FAA)延長波音737 MAX重新認證程序至2020年。此外,波音自明年1月起暫停生產737 MAX系列客機,大和料對中銀航空租賃(02588.HK)影響輕微。

報告稱,737 MAX系列暫停生產料主因波音財政壓力,而不是對737 MAX系列復飛展望感悲觀。今年首十個月,波音付運量按年跌49%,主因737 MAX系列自3月起停止交付。另大和料波音將於短期獲得FAA許可,737 MAX系列最快明年首季重投服務,並隨後獲其他國家放行。

大和表示,過去三季,中銀租賃交付了34架飛機,該行全年預期39架。該行料中銀租賃可達成大和對其全年盈利增長13%的預測。另公司開始以資產擔保證券(ABS)形式將旗下飛機變現。該行相信飛機證券化將加快中銀租賃變現進展,並在擴展中的ABS市場提供更多機會。

報告稱,中銀租賃現價相當於明年預測市帳率1.3倍,估值高昂,評級由「跑贏大市」降至「持有」,以現金流貼現率計,目標價維持75元,相當於明年預測市帳率1.28倍。

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