大行評級|瑞銀:微升中銀航空租賃目標價至76.2港元 去年派息超預期
瑞銀髮表研報指,中銀航空租賃2024財年經調整核心淨利潤按年增長16%,顯著超出該行預期的增長3%,主要由於財務費用低於預期及融資租賃收入表現較好。瑞銀提及,中銀航空租賃公佈的每股股息爲0.27美元,基於全年35%的派息比率,高於預期,使全年每股股息達到0.47美元,意味5.9%的股息率。該行預計,市場將對中銀航空租賃出乎意料的股息表現出正面反應,而經營租賃收入增長放緩似乎已被廣泛預期。
瑞銀預計,中銀航空租賃2025至2027財年的基本利潤將按年增長4%至14%,隨着資產增長加速,租賃收入預計從2025財年起將轉爲正增長。另外,該行將公司2025財年的盈利預測上調7%;對2026至2027財年的盈利預測基本保持不變,並維持對2025至2027財年的資本開支預測。
該行將中銀航空租賃目標價由75.8港元微升至76.2港元,給予“買入”評級。
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