《大行報告》瑞銀降中資航空股評級 目標價全線下調
瑞銀髮表研究報告指出,看淡中國航空公司的機票票價和盈利增長前景,認爲航空旅行可能受到新冠肺炎疫情重燃及冬季奧運會的限制,預期2021財年第四季至2022財年第一季的機票需求將保持低位,行業於2021至2023年的需求疲弱,甚至供過於求,機票價格於2023年難以重新達至2019年的水平,差過市場預期。該行對廉航(LCC)的前景更爲樂觀,因爲其需求增長可能快過行業,以及不斷提升的市場份額。
該行全線下調中資航空股評級及目標價(詳見表),將中國國航(00753.HK)及南航(01055.HK)的評級,由「買入」降至「沽售」,認爲國航歐美長途航線的風險敞口較大,公司或需時更長時間才能恢復,而南航國內航線以旅遊爲主,面臨來自廉航及高鐵的競爭。該行又將東航(00670.HK)評級由「買入」削至「中性」,雖然上海市場對商業及高端休閒的旅遊需求強勁,但公司面臨來自廉航及高鐵的激烈競爭。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.