Market Brief

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徐文輝先生 (Tsui Man Fai)
高級交易員

現任職輝立交易員,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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3651 7385

中銀航空租賃(2588.HK)

Tuesday, May 28, 2019 Views793

中銀航空租賃原為一家新加坡公司, 2006年被中銀收購, 2016年於香港上市. 集團主要業務為飛機租賃、飛機租賃管理及其他相關活動. 截至本年31/3, 集團共有310架自有飛機, 使用率為99.9%, 共有94個客戶分佈於39個國家及地區. 機隊平均機齡為3.1年, 剩餘租期為8.2年.

 

集團2018年業績增長不俗, 收入增長23%至17.26億美元(下同), 稅前利潤則增長24%至6.85億. 期內共交付55架飛機. 而集團派息不俗, 2018年共派息0.3159元, 以27/5收市價計算, 息率為3.77%.

 

全球航空需求, 特別是客運需求因中國等發展中國家收入增加而有強勁增長. IATA預計2019年客運增長率仍會高於平均值. 而集團有超過一半收入來源正是來自高增長的大中華及亞太地區, 加上其中銀背景, 相信有助其業務發展. 另外, 集團機隊主要以窄體客機為主, 這正是現時流行的廉航大多使用機型, 對集團機隊需求相信仍有一定增長空間.

 

風險

 

業內競爭日漸激烈

飛機交付出現問題, 特別是集團已訂飛機中, 有近半為被停飛的波音737-MAX

 

 

因著波音737-MAX事件, 集團走勢較反覆, 但筆者相信事件終會解決, 以現時被波音及空中巴士壟斷的市場來說, 影響應會慢慢消散, 屆時股價有望重回增長. 可以月內低位~$62買入, 上望$70, 跌穿$59.5止蝕.(28/5/2019)

 

 

註:本人徐文輝為證監會持牌人士。截至本評論文章發表日止,本人及/或其有關聯繫者並無持有全部提及之証券的所有相關財務權益。

 

 

 

 

參考資料

Company annual report, 2018

Company operational data, 1 st quarter, 2019

www.aastocks.com

www.afesolution.com

 

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