《大行報告》匯豐研究重申「買入」內地三大航空股、國泰(00293.HK)、攜程(TCOM.US)及中銀航空租賃(02588.HK)
匯豐環球研究發表研報指,內地三大航空股近日公布去年度業績預報,預期虧損中位達到1,075億元人民幣,較該行及市場預期分別高出12%及18%,即去年第四季累計虧損達到340億元人民幣,按季增長40%,相信主要來自於疫情下國內客運量疲軟及航空貨運強勁勢頭消退,當中以南方航空(01055.HK)受貨運業務影響最大。
惟該行表示,農曆新年期間國內客流量數據表現向好,預示著航企未來盈利將強勁復甦,雖然客流量增長落後於運力,但與假期首四天差距已收窄,航空公司航班恢復情況亦明顯,當中以南航領先,航班恢復至2019年水平的近90%,其次為東航(00670.HK),達77.8%。
匯豐研究預期,三大航空股今年國內和國際航空客運量將分別恢復至2019年水平的85%及42%,明年料恢復到95%和77%。該行重申對南航、東航及國航(00753.HK)均「買入」評級,預期三大巨頭今年將實現盈利70億元人民幣,高於市場普遍預期的盈虧平衡,明年利潤料達280億元人民幣。
另外,該行亦看好國泰(00293.HK)、攜程(09961.HK)(TCOM.US)及中銀航空租賃(02588.HK),預期國泰將受惠於香港向海外重新開放及中港通關,而攜程及中航租賃貝塔系數較低,料受惠於中國重新開放的投資主題。
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