大行評級|高盛:下調內地三大航空股目標價及未來三年盈利預測
高盛下調對內地三大航空股,即中國國航、中國東方航空及中國南方航空未來三年盈利預測,其中東航及南航今年盈利預測由分別25億及31億元,下調至虧損6.5億及8,400萬,國航今年盈利預測亦大削72%至7.2億元。對三大航空公司明年及2026年盈利預測,亦分別下調16%至37%及11%至29%。該行亦下調對三大航空公司H股目標價,對國航、東航及南航目標價由5.5港元、3港元及3.3港元,下調至4.9港元、2.7港元及2.9港元,對國航及東航維持“買入”評級,對南航維持“中性”評級。報吿指,內地航空公司上半年營運成本按年升約兩成,主要由升降費、食品飲品成本及銷售支出推動。在運載能力及客流量復甦下,單位成本實際上有所下降,預期趨勢在下半年持續,基於燃料成本下降及運載能力更大復甦,亦相信油價下跌及人民幣升值有利航空公司盈利。然而,該行仍關注機票價格在消費降級下表現疲弱,即使在國慶黃金週,按Flight Master數據,本地機票價格或低於2019年,縱使國際航線機票價格會為2019年的115%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.