大行評級|瑞銀:開始覆蓋美國航空股 預計明年RASM將實現更強勁增長
瑞銀開始覆蓋美國航空股,預計2025年每可用座位英里收入(RASM)將實現更強勁的增長,且利潤率將有所改善。瑞銀予阿拉斯加航空集團、聯合航空和達美航空“買入”評級,預計三家公司將實現有吸引力的利潤增長,高税前利潤率和健康的資產負債表有助於緩解旅遊需求波動和潛在成本通脹的風險。另外,該行予美國航空、忠誠旅遊公司和Frontier Group“中性”評級。該行還予西南航空和捷藍航空“賣出”評級。由於利潤率表現疲軟、估值溢價以及新服務和收入戰略的執行風險,該行對西南航空持謹慎態度。該行對捷藍航空的擔憂包括該公司能否在2025年前過渡到正運營利潤率的不確定性、現金消耗情況以及資產負債表的高槓杆率。(格隆匯)
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