《大行報告》匯豐研究降南航(01055.HK)評級至「減持」 調整內地航空股目標價
匯豐研究發表報告指,儘管三大航空公司於第三季的內地客運量按季翻了一倍,惟由於收益率及貨運量下降和外匯損失,季內虧損僅收窄了15%。基於預期第四季亦面臨利淡因素,該行上調三大航空公司2022年虧損預測至950億元人民幣(下同)(原預期虧損740億元人民幣),料被壓抑的需求保持不變,國際航班將錄小幅增長。該行將其目標價調整介乎下調13%至增長10%,當中,將南航(01055.HK)評級由「持有」下調至「減持」,看好東方航空(00670.HK)及國泰(00293.HK),均給予「買入」評級,續予國航(00753.HK)「減持」評級。
該行提到,東航第三季錄得的虧損最高,其次是國航。而由於貨運業務及基地位於廣州,南航的虧損最小,因疫情爆發而受到的影響亦較輕微。展望第四季,該行預計三間航空公司的虧損為210億元,按季下降14%,並續料2023年三大公司的內地客運量將反彈至96%,預計2024年的國際客運量將逐漸上升至63%。該行對國航和東方航空的2023至24年盈利預測基本不變,但下調南航的盈利預測,以反映疲弱的貨運前景。
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