瑞银:下调国泰(0293.HK)目标价至12.6港元 评级“买入”
瑞银发表报告表示,国泰航空(0293.HK)
9月载客量按年跌约7.1%,主因来自短途市场的影响,同时乘客运载率下跌7.2个百分点至73.6%。至于上月货运量按年跌4.4%,则较对上几个月有所改善。同时,国泰表示,在今年余下的时间内,来港机票预订量较去年同期显著下跌,尤其是在中国及其他亚洲市场,因此预计今年下半年业绩将较上半年逊色。
瑞银称,未来数个月将会持续观察国泰营运数据,将其全年客运运力增长预测由6%下调至4%,拖累今年盈利预测大幅削减57%(每股盈测由0.92港元降至0.4港元),明后两年每股盈测分别削17%及15%,相信今年底前若看不到复苏迹象,国泰则要面对进一步下行风险。
报告称,国泰现估值相当于预测市盈率0.6倍,属历史低位,但需时等待,直至运载量见底回升,作为股价下一个催化剂。瑞银将国泰目标价由13.9港元降至12.6港元,维持“
买入
”评级。
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