中國南方航空 (1055.HK): 行業景氣度上升,期待淡季不淡 December 6, 2017

投資概要

  • 前三季淨利增長近一成,三大因素共同作用帶動業績穩健增長
  • 經營數據在三大航中領先
  • 行業景氣度上升,四季度有望淡季不淡

投資建議

在供需格局改善前提下,我們對明年行業景氣提升持謹慎樂觀態度。南航8 月份完成增發H 股引入美國航空戰略投資者,有望補助公司歐美航線短板。同時公司定增募資133 億也在推進中,完成後將進一步增厚資產。根據最新的數據,我們調整公司2017/2018 年的每股盈利預測至0.71/0.86 元人民幣,調整目標價至8.45 港元,對應2017/2018 年各10/8.3 倍預計市盈率,1.4/1.25 倍預計市淨率,增持評級。(現價截至12 月4 日)

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors.She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!