摩根士丹利研究报告指，美国行业数据反映次季航空旅游业表现一般，预期新秀丽(01910.HK) 次季销售额将跌7%，与首季跌幅相若。分区域而言，预期亚洲及美国将录得高单位数跌幅，欧洲则大致持平。该行料EBITDA利润率为16.8%，因销售疲弱导致毛利率下跌及营运开支上升，预期EBITDA跌幅收窄至17%。
至于今年下半年，部分欧美航空公司表示第三季预订需求有所改善，7、8月出行趋势回升。美国运输安全管理局(TSA)公布的旅客吞吐量第三季至今按年升逾1%，相较次季为下跌1%。由于基数较低，该行预计下半年新秀丽销售跌幅将收窄至2%。
该行将2025至27年销售预测下调5至6%，EBITDA预测下调10%至14%，而2025年收入及EBITDA预测分别下调4%和12%，料2026至27年将逐步恢复。因应盈利预测下调，目标价由28元降至24元，予“增持”评级。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-12 12:25。)
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