大华继显:三大中资航空现金流强劲反映业绩正复苏 首选南航(1055.HK)
大华继显发表报告指,三大中资航空公司中国南方航空(1055.HK)、中国国航(0753.HK)及中国东方航空(0670.HK)今年第三季均录得正面经营现金流、利润率介乎40至50%,估计是受惠于货运量激增,而非乘客收益率有所复甦。该行维持行业“与大市同步”评级,建议投资者在憧憬各国重新开关及疫苗运输下,继续持有相关股份,并列南方航空为首选,将其评级上调至“买入”,目标价亦由4.52港元升至4.84港元。
大华继显称,在计入经营租赁款项后,三间航空公司每季经营现金流料介乎16至24亿元人民币;尽管三间公司均未有提供业绩指引,惟从现金流强劲可得知其业绩正在复苏。然而,为提高载客率,相信季内航空公司仍是进取地降低票价,但希望减价势头于第四季可减弱。由于第四季货运收益率急升,故该为航空公司或会加大货运量。
另外,该行又下调东方航空目标价9.36%,由4.7港元降至4.26港元,至于国航目标价则续看7.1港元,均予其“买入”评级。
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