《大行報告》大和一舉升中銀航空租賃(02588.HK)評級至「買入」 基本面改善
大和發表報告指,對中銀航空租賃(02588.HK)的租賃收益復甦持積極態度。該行認為,儘管其股價表現落後,但基本面仍有所改善,重申集團目標價65元,將其投資評級一舉由「持有」升至「買入」,認為基於其租賃收益率改善和管理良好的利率風險,集團的業務環境會更好。
該行表示,自2020年以來,中銀航空租賃的淨租賃收益率一直受到疫情的壓力,但隨著全球客運收益公里數(RPK)已恢復至2019年水平的約80%,情況將隨著客運量恢復而改善。該行認為,由於上半年的固定利率為96%,一旦新飛機交付,租賃率可能會上升。管理層對租賃收益率的改善充滿信心,但料需要逐步恢復,並會有1至2個季度的滯後,而浮動利率債務風險被對沖或抵銷新飛機交付的基本比率。隨著利率上升、美元走強和燃油價格上升,管理層預計,航空公司的經營困難將增加,基於航空公司傾向現金儲備,這將對飛機出租者有利。
大和提到,上半年中銀航空租賃在俄羅斯的17架飛機已全部減值至5.18億美元。儘管由於制裁和禁止實物交割而沒有更新從俄羅斯收回飛機的時間,但管理層認為,沒有額外減值的下行風險,集團亦已對這些飛機提出保險索賠。該行認為,公司旗下俄羅斯業務的上行風險遠高於下行風險。
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