國泰航空 (293.HK): 轉型計畫開始取得進展,上調評級至增持 July 13, 2018

投資概要

我們預計國泰航空整體需求將溫和復蘇,而成本裁減效應繼續顯現,不過攀升的財務支出也將侵蝕一部分節流效果。綜合考量,根據最新的盈利預測,給予公司12 個月目標價14.3 港元,對應2018/2019 年預期預期市淨率0.9/0.85 倍,上調至“增持”評級。(現價截至2018 年7 月11 日)

財報更新

國泰航空2017 年錄得虧損12.59 億港元,按年多虧損逾一倍,每股虧損32 仙,維持派息5 仙。業績雖錄得虧損但好於市場預期,尤其是去年下半年溢利由虧轉盈,賺7.92 億元。

油價上漲,但燃油對沖虧損減少:期內燃油成本增加 11.3%,原因是平均飛機燃油價 格上升23%及耗油量增加2.9%,惟因燃油對沖虧損減少24.6%而抵銷部分升幅。

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.

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