《大行報告》瑞銀上調中銀航空租賃(02588.HK)目標價至78元 評級「買入」
瑞銀發表研究報告指出,預期在明年宏觀經濟可能放緩的情況下,中銀航空租賃(02588.HK)由於其具防禦性的商業模式,表現將勝同業;另估計公司的飛機租賃滲透率或將保持高企,支持其租賃租金收入。該行相信,中銀航空租賃是一間具高度競爭力的飛機租賃商,因為其持有的機隊最為年輕及現代化,平均剩餘租賃期最長,且債券成本低於行業平均水平。預期在俄羅斯相關的憂慮緩解下,可能推動公司股份獲得重評。
不過,該行將中銀航空租賃的2022至2024財年收入預測下調2%至12%,對公司資本開支預測下調,料在飛機供求緊張的情況下,或導致飛機交付延誤,令公司租賃租金收入下跌。另對公司2023至2024年純利預測分別下調22%及16%,略為低過市場預期。維持對其「買入」評級,目標價由71元上調至78元。
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