GLONGHUI, August 21 | BOC International published a research report showing that BOC Aviation Leasing's performance in the first half of the year was better than expected, with net profit rising 75.9% year-on-year; total revenue and other revenue rising 10.7% year-on-year; core net profit after tax increased 9%; and financial expenses rose 20.6%, mainly due to rising debt costs. The bank noticed that the cost of its debt in the first half of the year rose to 4.6% from 3.9% in the first half of last year. Looking ahead, the report predicts that China will further introduce an opening-up policy, compounded by the fact that the global air passenger transport business is expected to continue to grow steadily in the second half of the year. In addition, the value of aircraft is currently 14% higher than the net book value, which is also beneficial to the market value of the Group's fleet. The bank maintained its “buy” rating, and the target price was raised from HK$76.52 to HK$80.55.