HSBC Sees Blue Skies For Airline Industry, Forecasts Strong Recovery And Consolidation
HSBC Sees Blue Skies For Airline Industry, Forecasts Strong Recovery And Consolidation
HSBC analyst Achal Kumar initiated coverage on several airline stocks. The analyst writes that there is a continued recovery in corporate travel, stronger international demand, tighter capacity, and pandemic-driven behavioral changes in the industry.
匯豐銀行分析師阿查爾·庫馬爾開始對幾隻航空股進行報道。這位分析師寫道，商務旅行持續復甦，國際需求增強，運力緊張，以及疫情驅動的行業行爲變化。
The analyst says that the cost pressures may not fade in the near term but expects profitability to improve, a manageable capital expenditure cycle and the industry to see some consolidation.
這位分析師表示，成本壓力可能不會在短期內消失，但預計盈利能力將提高，資本支出週期可控，該行業將出現一些整合。
The analyst initiated coverage on Delta Air Lines, Inc. (NYSE:DAL) at a buy rating with a price target of $72.80.
該分析師以買入評級啓動了對達美航空公司（紐約證券交易所代碼：DAL）的報道，目標股價爲72.80美元。
The analyst says that Delta Air Lines is their preferred stock, given its strong competitive positioning across all its key hubs and high penetration in premium traffic (which derives about 45% of revenue from premium cabins).
這位分析師表示，達美航空是他們的優先股，因爲達美航空在所有關鍵樞紐都具有強大的競爭地位，而且在優質交通中的滲透率很高（收入的45％來自高級客艙）。
Also, Delta has the biggest loyalty membership base (around 120 million members), a balanced network, and a strong management team, writes the analyst.
分析師寫道，此外，達美航空擁有最大的忠誠度會員基礎（約1.2億會員）、平衡的網絡和強大的管理團隊。
Kumar initiated coverage on American Airlines Group, Inc.(NASDAQ:AAL) at a Buy rating and a price target of $17.90.
庫馬爾開始對美國航空集團公司（納斯達克股票代碼：AAL）進行報道，評級爲買入，目標股價爲17.90美元。
The analyst writes that the company has a strong position in the Atlantic and LatAm markets, both of which are performing well, and it significantly benefits from its partnership with Alaska Airlines Group, Inc. (NYSE:ALK), which has a strong presence on the West Coast.
該分析師寫道，該公司在大西洋和拉丁美洲市場擁有強勢地位，這兩個市場都表現良好，並且與在西海岸擁有強大影響力的阿拉斯加航空集團公司（紐約證券交易所代碼：ALK）的合作使它受益匪淺。
Also, the company has deployed almost 64% of its capacity in the domestic market, higher than peers (54%: United; 62%: Delta).
此外，該公司在國內市場部署了近64％的運力，高於同行（54％：美聯航；62％：達美航空）。
The analyst initiated coverage on United Airlines Holdings, Inc.(NASDAQ:UAL) at a Buy rating with a price target of $69.20.
該分析師開始對聯合航空控股公司（納斯達克股票代碼：UAL）進行報道，評級爲買入，目標股價爲69.20美元。
Kumar writes that United Airlines is a riskier investment option with the highest potential return (ROIC), given its highest capex commitment over the next 5-6 years.
庫馬爾寫道，鑑於其未來5-6年的最高資本支出承諾，聯合航空是風險較高的投資選擇，潛在回報率（ROIC）最高。
United Airlines has a fairly balanced network, with nearly 50% of its capacity deployed in the international market, where demand remains strong. Also, the company expects profitability to improve in this operationally geared business with the increase in capacity.
聯合航空的網絡相當平衡，其將近50％的運力部署在國際市場，而國際市場需求仍然強勁。此外，該公司預計，隨着產能的增加，這種以運營爲導向的業務的盈利能力將得到改善。
The analyst initiated Southwest Airlines Company (NYSE:LUV) at a Hold rating and a price target of $27.80.
該分析師創立了西南航空公司（紐約證券交易所代碼：LUV），評級爲持有，目標股價爲27.80美元。
Kumar says that the airline is the biggest low-cost airline in the U.S., with 817 aircraft (90% owned), and its unit cost is almost 10% lower than UAL, 15% lower than American Airlines, and about 24% lower than Delta Airlines.
庫馬爾說，該航空公司是美國最大的低成本航空公司，擁有817架飛機（擁有90％的股權），其單位成本比UAL低近10％，比美國航空低15％，比達美航空低約24％。
Also, the analyst writes that its ex-fuel unit cost was 9% lower than American Airlines, 13% lower than Delta and about 6% lower than United Airlines.
此外，該分析師寫道，其燃油單位成本比美國航空低9％，比達美航空低13％，比聯合航空低約6％。
The analyst liked the company's balance sheet and lower unit cost but revealed concern about the cost pressure and dependency on Max aircraft.
這位分析師喜歡該公司的資產負債表和較低的單位成本，但對成本壓力和對Max飛機的依賴表示擔憂。
Price Action: DAL shares are trading higher by 1.63% at $53.35, AAL by 3.78% at $14.94, UAL by 3.11% at $54.36, and LUV by 3.20% at $28.24 at the last check Monday.
價格走勢：週一最後一次檢查時，DAL股價上漲1.63％，至53.35美元，AAL上漲3.78％，至14.94美元，UAL上漲3.11％，至54.36美元，LUV上漲3.20％，至28.24美元。
Image: Pixabay/ Hiljon
圖片：Pixabay/Hiljon
譯文內容由第三人軟體翻譯。