大和:上調中銀航空租賃(2588.HK)目標價至82港元 評級“買入”
大和總研發表研究報告指,中銀航空租賃(2588.HK)讓部分航空能於今年第二季延期付款,認為隨着更多紓困措施推出,料行業明朗性增長。該行重申其“買入”投資評級,目標價由81港元上調1.23%至82港元。
大和表示,中銀航空租賃為未能獲得政府資助的客户提供租賃付款延期援助,為客户提供最多支付租賃付款額的50%延期,且最長不超過3個月,料延期款項在第三季收取。該行指,假設其今年營運現金流為20億美元,而有一半客户取得一半的延期付款資格,料淨營運現金流影響為1.2億美元,但對損益表沒有影響。
大和又指,投資者另一重大憂慮是,挪威航空將其445億挪威克朗的債務轉換為股權,以從挪威政府獲得30億挪威克朗的援助,但該行認為影響有限,隨着政府的援助推出,減少大量違約的風險。
最近國泰航空(0293.HK)向中銀飛機租賃出售6架飛機套現55億港元,該行料中銀飛機租賃今年的資本開支將由早前估算的50億美元增加至57億美元,但其未有計劃更改35%的派息比率。大和指,反映最新的資本開支估算,上調2020-2022年每股盈利預測2%。

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