华泰金融(HK)：给予中银航空租赁(02588.HK)“买入”评级目标价82.00港元

2024-10-16 12:01:04 来源：同花顺金融研究中心

　　华泰金融(HK)10月16日发布公告。Based on the operational data for 3Q24 released by BOC Aviation (BOCA), as at end-3Q24, the number of owned aircraft edged up from 429 in 2Q24 to 430, and 7 aircraft were delivered, representing a gap vs the forecast in its interim report (2H24: 37). It may actively carry out PLB and finance leases to expand capex in the rest of 2024, in our view. In 3Q24, BOCA raised USD500mn of seven-year bonds at a coupon of 4.625% per annum, down vs 1H24 (5%+), reflecting its financing capabilities. Boeing strike in September has once again added to the pressure on the aircraft supply chain, set to further push up aircraft rentals and value but drag down aircraft deliveries in 2H24. We trim our 2024E/25E/26E attributable net profit forecasts from USD755/713/794mn to USD750/703/780mn, and estimate 2024E core net profit at USD570mn. We maintain our TP of HKD82, based on 1.18x 2024E PB (2019: 1-1.5x PB) and 2024E BVPS of USD8.97. BUY.

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