《大行報告》匯豐研究下調內地三大航空股目標價 降南航(01055.HK)評級至「持有」
匯豐環球研究發表報告指,今年上半年內地三大航空股虧損較去年下半年大幅收窄至126億元人民幣,基本符合早前公布的虧損指引。雖然國航(00753.HK)和東航(00670.HK)的息稅前利潤仍處於虧損狀態,但南航(01055.HK)在上半年已轉正並達13億元人民幣。
以今年第二季,國航虧損額最小,為5.24億元人民幣,其次是南航虧損9.69億元人民幣,東航虧損24億元人民幣。隨著收入和客流量改善,該行相信它們最早將在今年第三季實現盈利。
該行下調東航利潤的利潤預測,惟上調國航和南航的預期。該行料三大航空公司下半年利潤將為90億元人民幣,基於較低的市盈率,又將目標價全面下調9至25%。該行維持國航和東航的「買入」評級,目標價分別由8元及3.7元,降至7元及3.3元;該行對南航目標價則由6元下調至4.5元,評級由「買入」降至「持有」。
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