华泰金融(HK)8月17日发布公告。For 1H24, BOC Aviation (BOCA) registered attributable net profit/core net profit of USD460/284mn; yoy growth in attributable net profit stood at 76%, the midpoint in its positive profit alert (70-80%); the recovery of two aircraft increased BOCA’s profit by USD176mn, ahead of our forecast of USD100mn. For 1H24, the delivery delays put a damper on fleet expansion, and drag down lease rate factor growth. We expect potential Fed cuts in 2H24 to lessen the pressure on the cost of debt. BOCA’s net lease yield (NLY) for 1H24 remained flat yoy at 7%. As delivery delays and the pressure on cost of debt ease and capex continues, we expect the NLY for 2024 to be no lower vs 2023. Due to delivery delays, we cut our 2024E/25E/26E attributable net profit forecasts from USD814/754/825mn to USD755/713/794mn, and estimate 2024E core net profit at USD584mn. We maintain our TP of HKD82, based on 1.18x 2024E PB (2019: 1-1.5x PB) and 2024E BVPS of USD8.98. BUY.