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《大行報告》大和升中銀航空租賃(02588.HK)評級至「跑贏大市」 目標價維持75元
阿思達克 06-25 12:11
大和發表研究報告,引述中銀航空租賃(02588.HK)管理層稱,全球航空市場正在復甦,新窄體機使用率持續領先。因此,公司今年上半年現金收回狀況改善,即使部分延後收入尚未取回,特別是印度及東盟國家航空公司,因當地政府支援及本地市場有限。不過,該行認爲情況可控。另據管理層稱,資本市場投資者今年上半年對行業的投資情緒升溫。

報告引述管理層稱,對飛機出租人增長機遇看法正面,今年首季獲得更大市場份額。由於疫情幹擾及高度槓桿資產負債表,航空公司對購買飛機態度審慎。由於更嚴格排放政策,航空公司亦需要以更高科技及能源效益的新飛機以置換及升級機隊。管理層強調在環境、社會及公司治理(ESG)方面的投入,該行認爲屬正面。

大和維持公司2021至2023年盈測,目標價75元,投資評級由「持有」升至「跑贏大市」,指其股價自3月高位回調15%,現估值相當於未來12個月預測市帳率1.1倍,低於過去三年均值,認爲風險回報改善。

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