大和:下调南航(1055.HK)评级至“持有” 目标价4.8港元
大和发表报告表示,下调对南方航空(1055.HK)投资评级,由原来“买入”降至“持有”,维持目标价4.8港元,此相当市账率1倍,指南航现值相当预测明年市账率0.93倍合理,已高于同业国航(0753.HK)的0.8倍及东航(0670.HK)的0.88倍。
该行指,下调对南航今年本地收入客公里(RPK)预测,由原来按年跌40%,下修至跌43%,基于预期今年第四季营运数据逊预期,但对于2021年预测,该行料南航RPK增长将从按年升16%上修至增长51%。
大和料南航今年亏损124.66亿人民币,料2021年全年仍会录经调整亏损20.12亿人民币,因对国际航线预测调整。

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