大行評級|摩根大通:下調內地三大航空股目標價 維持行業正面看法
摩根大通發表研究報吿指,雖然步伐仍然較緩慢,但見到中國航空公司正持續復甦,基於端午節等過去幾個假期數據強勁,以及對即將到來的暑期旺季憧憬,相應調整對內地三大航空股的預期。摩通指出,今年機票價格回落幅度較預期温和,相信隨着利潤空間較大的國際航班轉移,對航空公司平均定價及盈利能力將產生正面,當中有部分預期會被成本壓力、飛機租賃費用、維護及海外機場費用上升所抵銷。摩通將國航目標價從6.8港元降至5.6港元,東航目標價從3.2港元下調至2.7港元,而南航目標價則由5港元降至4.2港元,維持“增持”評級,認為該行業估值極具吸引力,投資回報率高於長期水平。摩通將國航今明兩年盈利預測上調8.2%及46%,南航上調107.7%及110.3%,東航則下調35.3%及上調14.9%,繼續看好航空股板塊,首選國航及春秋航空。
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