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大行評級|花旗:內地航空業在今夏出現量好價弱的特點 下調東航、南航和國航的目標價

花旗發表研究報吿指,內地航空業在今年夏天出現量好價弱的特點。根據CAAC統計,旅客運載量按年增長12%,較2019年高出18%。國際運力回升至2019年的77%,惟價格回覆正常的速度遠超預期。經濟艙除税後的均價較去年下降11%。花旗提到,行業於亞洲區內的收益率亦面臨挑戰。三大航空公司在今年7月的運力調配較為保守,但出境運力恢復強勁。整體來説,業界在夏季的表現令人有點失望。此外,從次季業績來看,商務旅遊需求仍然疲弱,在面對運力增加的淡季可能無法支撐價格。

該行將東方航空的評級由“買入”下調至“沽售”,目標價由2.53港元降至1.7港元,南方航空評級由“買入”降至“中性”,目標價從3.8港元削至2.8港元。該行雖然維持中國國航的“買入”評級及列為首選,但將目標價由5.35港元降至3.8港元。

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