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《大行報告》花旗下調國航(00753.HK)目標價至7.1元 降南航(01055.HK)目標價至4.6元
花旗發表研究報告指,在中國三大航空公司中,相對於東航(00670.HK)和南航(01055.HK),更看好國航(00753.HK),因為國航的國際航線有較好結構,在中國往返歐盟或中美航線上具有優勢,並預計國際航線在2024至25年將進一步復甦,而且其收益率在三間公司中最具彈性,又認為目前估值尚未完全反映股本回報率改善所帶來的上升空間。該行將國航目標價由8.1元下調至7.1元,並將2023年預測由淨虧損調整為錄得利潤7.45億元人民幣,又上調2024年盈利44%。 該行提到,將東航2023至24年盈利預測分別上調77%和59%,又相信公司將受惠於中日韓航線的高市場份額,料2024年國際航線將復甦得更快,中日航線收益亦會穩定。該行維持其目標價3.3元。 該行表示,對南航的主要擔憂是其在國際航線和國內支線航線上對東南亞的高風險敞口。該行將其2023年錄得淨虧損的預測調整至純利10.32億元人民幣,並將2024年盈利預測上調3%,又將目標價由5.5元下調至4.6元。
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