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《大行报告》大和升中银航空租赁(02588.HK)目标价至85元 财务实力强劲
阿思达克 04-21 10:11
大和发表研究报告,指中银航空租赁(02588.HK)公布与美国联合航空达成售後回租协议,涉及22架波音客机,预期交易会於今年完成,未来会有更多相关交易。

该行指,目前航空公司渴求现金流,联航早前公布,获政府50亿美元援助,其中35亿美元为直接资助,而15亿美元为低息贷款,但公司估算只可足够抵销员工成本。

该行又指,目前大部份航空公司虽然获政府援助,但亦同时面对财务压力,相信公司可以受惠有更多的售後回租交易,而公司在全球中期票据计划(GMTN)下,亦有能力增加资金,虽然短期有提升负债的风险,相信可有增加今明两年盈利透明度。

该行升公司2020-22年每股盈利预期3-7%,以反映更多的售後回租协议预期,目标价由82元升至85元,评级「买入」不变。

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