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《大行報告》大和上調國泰(00293.HK)目標價至8.2元 評級「跑贏大市」
阿思達克 06-27 12:04
大和發表研究報告指出,國泰(00293.HK)於上周五(24日)舉行分析員會議,管理層預期今年上半年虧損將有所收窄,主要由於香港旅行及隔離檢疫限制措施於4月及5月有所放寬,國泰首五個月的收入乘客千米數(RPK)及運載率均有強勁增長,儘管於疫情期間中國生產中斷,惟年初至今整體貨運需求及收益穩健。 此外,大和引述國泰管理層預期,相比起今年上半年每月現金消耗9億元,料由今年5月起將減少至低於每月5億元的水平。該行假設旅行限制及隔離檢疫措施並未進一步收緊下,公司無需額外融資,其目前的流動性(包括未動用貸款)估計將可支持超過2年的營運。國泰重啟招聘計劃,目標在2023年底增加超過4,000名員工,大和認為招聘更多屬後勤員工,因目前仍然存在很高的不確定性。 該行對國泰2022財年淨虧損預測大致保持不變,對其RPK預測由復甦至疫情前水平的約11%下調至約10%,但被強大的成本控制所抵銷。對公司2023至2024財年每股盈利預測上調32%至75%,重申「跑贏大市」評級,目標價由7.4元上調至8.2元。
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