摩根士丹利发布研究报告称,将中国民航信息网络(00696)的目标价,由9.5港元调低7.4%至8.8港元,最“牛”(最乐观)目标价由14.5港元,调低9%至13.2港元;最“熊”(最悲观)目标价由4.8港元,调低10.4%至4.3港元,投资评级为“与大市同步”。
大摩表示,将中国民航信息网络2024年、2025年和2026年的盈利预测分别下调11.8%、13.5%和10.7%,主要由于外国航空公司和更高的成本以适应系统更高的收入增长整合服务收入增长低于预期。
报告中称,在加权平均资金成本(WACC)假设和机率权重不变的情况下,该行称,其对中国民航信息网络最牛/基本/最熊的情景值分别降低9%/7%/10%。该行也将中国民航信息网络估值从2025年中期向前推进至2025年末。
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