Glonghui, May 15 | Everbright Securities released a research report stating that it covered BOC Aviation Leasing for the first time and gave it an “increase in holdings” rating. The estimated revenue forecast for 2024-2026 is US$2.5 billion, US$2.68 billion, US$2.92 billion, and net profit forecasts are US$710 million, US$770 million and US$880 million. The corresponding earnings per share forecast are US$1.02, US$1.1 and US$1.27, with a target price of HK$69.92. According to the report, the Group's cash flow and rent payment rate were impacted during the pandemic. However, the aviation leasing industry's perfect legal system guarantees the stability of the company's cash flow. The rent payment rate has begun to rise in the past three years and has now returned above 100%. BOC Aviation Leasing's adjusted actual income tax rate is 10%, which is lower than other peers listed on Hong Kong stocks. At the same time, the Group has excellent low-cost financing capabilities, bargaining and aircraft asset management capabilities. In summary, the bank believes that BOC Aviation Leasing has a clear competitive advantage. Furthermore, if market interest rates fall in the future, it will also bring excess profits to the Group.