《大行報告》匯豐研究下調中銀航空租賃(02588.HK)目標價至70元 評級「買入」
匯豐研究發表報告,指中銀航空租賃(02588.HK)去年下半年經常性利潤爲3.35億元,按年增加12%,按半年增加30%,較該行預測高出21%;公司未期派息爲17.7美仙,意味着年化收益率爲4.8%,全年派息比率爲35%。
該行相信,去年下半年淨租賃收益率已見底,未來應會復甦,惟公司將今年飛機交付指引下調至24架,故該行預料,其飛機賬面淨值增長放緩。通脹將加劇債務成本,但同時提振飛機估值。
該行表示,將公司在2023年至24年經常性利潤預測下調6%至8%,並料其總租賃租金收益率將在2025年後,纔可全面恢復至2019年的10.7%水平。該行將其目標價由74元下調至70元,重申其評級爲「買入」。
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