《大行報告》匯豐研究下調航空股目標價 維持國泰(00293.HK)、國航(00752.HK)及東航(00670.HK)「買入」評級
匯豐研究發表報告指,雖然第三季新加坡航油價格上升32%,但內地三大航空公司股東應佔溢利合共達121億元人民幣,年化股本回報率40%至59%,遠超2019年同期的15%至16%,主要受惠強勁的出行需求及高票價,但國際航班仍然受限,期內本地客運周轉量恢復至2019年同期的121%,但國際客運周轉量只恢復至52%。
該行指,第四季屬傳統淡季,加上消費疲弱、油價高企、人民幣貶值,估計內地三大航空公司第四季合共錄得97億元人民幣虧損,對比2019年第四季虧損為30億元人民幣,不過中美航班恢復進度較預期快,未來國際航班增加,有助攤分每單位成本、提升運載率及票價水平。該行相信,明年在油價回落、人民幣貶值壓力緩和、以及國際航班復甦下,航空股盈利將創紀錄新高。
該行下調航空股目標價(詳見另文),維持國泰(00293.HK)「買入」評級,反映贖回優先股的陰影淡化,以及來自國航(00753.HK)正面盈利貢獻,國航及東航(00670.HK)評級亦為「買入」。
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