《大行報告》大摩升中銀航空租賃(02588.HK)目標價至64.4元 資產減值逆轉
摩根士丹利發表研究報告指,飛機製造商交付能力的限制、新冠疫情後旅行需求增長及航空燃油價格上漲等因素,均有利於推高中銀航空租賃(02588.HK)核心資產的價值,並支撐公司估值。
該行指,中銀航空租賃自2023年憑藉其穩健的信用評級及強勁的資產負債表,成功簽訂及完成多項金融和經營租賃交易。該行估計,雖然現時飛機交付持續延誤,但新簽訂的協議將令公司2024年至2025年的資本開支達至接近40億美元的全年目標。
公司現價相當於2024年預測市賬率為0.8倍,2024年至2025年的淨資產收益率為11%至12%,目前股價反映2023年至2025年的收益率將介乎4%至5.5%。
摩根士丹利亦指,美元無風險利率下降;飛機製造商更快的交付速度;中銀航空租賃新的增值融資租賃交易;以及比預期好的股息均為潛在的催化劑。因此摩根士丹利將中銀航空租賃目標價由62.8元上調至64.4元,評級為「增持」。(js/cy)
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