此外，从次季业绩来看，商务旅游需求仍然疲弱，在面对运力增加的淡季可能无法支撑价格。该行将中国东方航空评级由“买入”下调至“沽售”，目标价由2.53港元降至1.7港元，中国南方航空评级由“买入”降至“中性”，目标价从3.8港元削至2.8港元。该行虽然维持中国国航“买入”评级及列为首选，但将目标价由5.35港元降至3.8港元。The three major airlines were collectively under pressure. As of press release, China Southern Airlines (01055) fell 3.56% to HK$2.44; Air China (00753) fell 2.56% to HK$3.04; and Eastern Airlines (00670) fell 0.53% to HK$1.88.
The Zhitong Finance App learned that the three major airlines were collectively under pressure. As of press release, China Southern Airlines (01055) fell 3.56% to HK$2.44; Air China (00753) fell 2.56% to HK$3.04; and Eastern Airlines (00670) fell 0.53% to HK$1.88.
According to the news, Citi released a research report saying that the mainland aviation industry is characterized by high volume and weak prices this summer. According to CAAC statistics, passenger traffic increased 12% year over year, 18% higher than in 2019. International capacity rebounded to 77% in 2019, but the rate at which prices returned to normal far exceeded expectations. The average price of economy class after tax is 11% lower than last year. Citi mentioned that the industry's profitability in Asia is also facing challenges. The three major airlines were conservative in their capacity allocations in July of this year, but outbound capacity recovered strongly. Overall, the industry's performance in the summer was a bit disappointing.
Furthermore, judging from the results for the second quarter, demand for business travel is still weak, and may not be able to support prices in the off-season in the face of increased capacity. The bank downgraded China Eastern Airlines' rating from “buy” to “sell”. The target price was reduced from HK$2.53 to HK$1.7, China Southern's rating was downgraded from “buy” to “neutral”, and the target price was cut from HK$3.8 to HK$2.8. Although the bank maintained Air China's “Buy” rating and ranked it as the first choice, it reduced its target price from HK$5.35 to HK$3.8.
