智通财经APP获悉，瑞银发布研报称，维持中银航空租赁(02588)“买入”评级，目标价由75.8港元微升至76.2港元。该行预计，中银航空租赁2025至2027财年的基本利润将同比增长4%至14%，随着资产增长加速，租赁收入预计从2025财年起将转为正增长。另外，该行将公司2025财年的盈利预测上调7%;对2026至2027财年的盈利预测基本保持不变，并维持对2025至2027财年的资本开支预测。
瑞银指出，中银航空租赁2024财年经调整核心净利润同比增长16%，显著超出该行预期的增长3%，主要由于财务费用低于预期及融资租赁收入表现较好。这部分被2024财年下半年略低于预期的经营租赁收入所抵销，同比下降5%，相对该行预期的下跌3%，主要由于飞机交付延迟继续拖累2024财年下半年的资产基数增长。
瑞银提及，中银航空租赁公布的每股股息为0.27美元，基于全年35%的派息比率，高于预期，使全年每股股息达到0.47美元，意味5.9%的股息率。该行预计，市场将对中银航空租赁出乎意料的股息表现出正面反应，而经营租赁收入增长放缓似乎已被广泛预期。
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