《大行報告》大和上調中銀航空租賃(02588.HK)目標價至70元 評級「買入」
大和發表報告指,中銀航空租賃(02588.HK)上半年純利按年上升1%至3.23億美元,稍為優於該行預期的按年下跌低單位數。撇除非持續性項目,經調整盈利為3.7億美元,按年增長14%。該行表示,集團上半年收入在艱難時期中仍有穩健增長,總收入按年上升11%,主要是受到租賃租金收入及利息和手續費收入,按年分別增長7%及32%所推動。
大和提到,集團已將飛機交付方式由代工生產轉移至購買後租回,以提供更好靈活性。管理層亦強調,上半年全部收款來自20架購後租回的交付,整體現金收款在4月已見底。由於收到的航空公司延期要求有限,集團估計下半年現金流將有所改善。
該行上調中銀航空租賃股份目標價,由69元升至70元,評級維持「買入」,並調升集團今明兩年每股盈利預測5%至10%,但2022年則下調3%,以反映最新的飛機交付計劃。
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