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《大行報告》花旗降中航信(00696.HK)目標價至13.2元 下調盈測反映較高營運開支及一次性撥備
中國民航信息網絡(00696.HK)去年盈利預測遜預期,花旗引述公司管理層表示,去年下半年表現轉弱,主要因為錄得一次性的信貸減值損失約2億元人民幣;推出更多花紅及加薪等員工獎勵,令員工成本增加;技術支援及維修費用增加。近日股價調整大致已反映失望情緒,在航空交通穩健復甦下,相信市場反應過大。 花旗將中航信2023至2025年的收入預測下調7%至16%,盈利預測下調23%至28%,以反映收入復甦進度較預期慢,以及研發等經營開支高於預期,對該股持「買入」評級,目標價由19元下調至13.2元,反映2024財年預測市盈率16.6倍。
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