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《大行報告》摩通下調內地三大航空股目標價 評級「增持」
摩根大通發表報告指,計及最新的出行趨勢後,更新內地航空股的分析模型,維持整體正面看法。年初至今內地航空股累跌約20%,反映市場對內地疫後出行需求的關注,不過該行認為市場屬過份憂慮,雖然燃油成本增加、人民幣兌美元弱勢,但強勁收益率推動盈利恢復,當中春秋航空(601021.SH)盈利創新高、內地三大航空公司第三季盈利勝預期,已反映復甦趨勢。 該行指,燃油成本壓力緩和、人民幣匯率回升,相信內地航空股股價追上,加上目前市況反映第四季盈利有上升空間,明年前景正面,在市場供應緊張下、收益率趨勢強勁,並估計在地緣緊張局勢緩和下,日本、泰國、台灣、美國等航班強勁復甦。 該行目前的預測,反映內地航空股第四季度輕微虧損,但相信市場大致已反映旺季後的弱勢,預計國際航班價格有上升空間、燃油成本緩和、人民幣匯率回升。 該行對內地航空股的偏好依次為國航(00753.HK)、南航(01055.HK)、春秋航空、東航(00670.HK),對所有覆蓋的內地航空股評級均為「增持」,因應調整盈利預測,下調三大航空股目標價。 股份 | 投資評級 | 目標價(港元) 中國國航(00753.HK) | 增持 | 7.6元 -> 6.8元 中國東方航空股份(00670.HK) | 增持 | 3.5元 -> 3.2元 中國南方航空股份(01055.HK) | 增持 | 6元 -> 5元 (cy/w) ~
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