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大行評級 | 大摩:國泰4月載客量恢復2019年水平 評級增持
格隆匯 05-18 17:11

格隆匯5月18日丨大摩發研報指,國泰航空(0293.HK)今年4月載客量恢復,乘客運載率保持在2019年水平以上。報吿指出4月假期旅遊需求強勁,收入客公里(RPK)為2019年4月水平的49%,可用座公里(ASK)環比提高2個百分點至2019年4月水平的47%。4月份的乘客運載率(PLF)為86.9%,與2019年水平相比,PLF上升了3個百分點。該行予國泰目標價10.7港元,評級“增持”。

報吿指,國泰航空強調,今年下半年將增加對歐洲、東南亞、澳洲和日本的客運運力,以及對非洲和北美的客運運力。假期因素令貨運需求疲軟,而來自香港和中國內地的電子商務需求卻保持強勁,貨物收入噸千米數(FRTK)環比跌10%,同比則升93%,達到2019年4月水平的73%。4月份的運載率(CLF)則為63.6%,比2019年4月上升1個百分點,佔2019年4月可用貨物噸千米數(AFTK)的71%。國泰繼續恢復航班運載力以滿足夏季旺季需求,貨運方面,國泰也預計隨着五一黃金週的過去,相關需求將有所改善。

報吿指出,旅遊需求復甦比預期強,油價進一步上升,導致燃料對沖收益正面,以及潛在資產收入都可帶來正面影響,但要注意旅遊需求弱於預期;國航投資虧損超預期以及較低油價對沖損失所造成的下行風險。

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