瑞信:降內地航空股目標價 料多省疫情反彈拖慢復甦
瑞信發表研究報吿,指內地南京機場出現疫情,近期擴散至多個省份,致高風險地區旅遊限制收緊,在夏季出行高峯亦不鼓勵跨省出行。報吿稱,內地航空業短期復甦風險維持,源於傳播由機場開始,亦涉及變種病毒,傳播規模可見度較低;由於本輪傳播範圍更廣,影響時間或較過往一至一個半月更長。在夏季出行高峯客流減少,對內地航空業打擊料更深。
報吿稱,即使內地持續為民眾接種疫苗,下半年對輸入個案的防範料更具針對性,或拖慢復甦國際航班的進度。憧憬未來疫情逐漸穩定,該行對境內旅遊中期復甦仍持正面看法。
由於內地疫情反彈,瑞信料今年內地航空客流量僅及2019年62%水平,低於原先估計的69%。計及布蘭特期油價格預測上調,下調內地航空股今明兩年盈測介乎23%至165%,內地三大航空股H股、中航信(0696.HK)及首都機場(0694.HK)目標價相應降介乎16.1%至31.1%。詳細投資評級及目標價見下表:

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