《大行報告》星展下調東航(00670.HK)目標價至2.8元 評級「持有」
星展發表研究報告指,東航(00670.HK)的國際客運量復甦較預期慢,導致公司恢復時間延長。該行預計集團在2023財年的淨虧損將較早前預期擴大,因為公司可能要到2023年第四季才能恢復盈利。然而,全年淨虧損仍料大幅收窄,並隨後在2024財年達到扭虧轉盈。此外,鑑於國際航班復甦軌蹟的不確定因素增大,料集團的盈利風險偏於下行。
該行表示,雖然東航在2021至22財年籌集到260億元人民幣的股本,但疫情對其資產負債表造成重大影響,於2019至22財年期間,淨債務增加25%。儘管盈利即將反彈,但集團的淨負債率在未來兩年料將保持在5倍以上的高位,而在疫情之前則為2.2倍。另外,由於集團或籌集更多股本,潛在亦有分薄股權的風險。
該行維持集團的「持有」評級,目標價由3.5元下調至2.8元,以反映預期盈利較弱。
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