《大行報告》美銀證券降內地機場股目標價 予中航信(00696.HK)及美蘭空港(00357.HK)「買入」評級
美銀證券發表研究報告,指內地機場板塊受疫情反彈及免稅店合約風險所困擾,經營續具挑戰,促使該行下調客量預測,以及計入免稅經營模式的結構挑戰。該行認為市場早前沽售具結構增長動力的機場股屬過慮,亦為個股創造入市機會。該行予中航信(00696.HK)及美蘭空港(00357.HK)「買入」評級,維持首都機場(00694.HK)「中性」評級,並下調內地機場股目標價平均約15%(見另表),亦下調盈測。
報告稱,機場股新一輪沽售源自內地疫情反彈,8月至今航班按月減少50%。考慮境內出行復甦,特別是10月國慶黃金周,下調今年下半年境內客量預測至正常水平的85%,與上半年相若。這波疫情亦使內地對國際航線重啟更趨審慎,減少明後兩年國際客量預測至正常水平僅30%及70%,進一步侵蝕其在免稅業務的議價能力。
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