大行评级丨法巴：下调国泰航空目标价至10.7港元，估值存在下行风险

中金财经04-01

法巴发表研报指，国泰航空于3月内两次上调燃油附加费，以应对燃料成本飙升，长途航线燃油附加费由569港元上调至1560港元，相当于每可用座位公里约9港仙，即国泰前八大长途航线(占总运力约40%)票价上调约15%。根据该行计算，考虑到集团披露约30%的燃油对冲，加价仅能转嫁约70%的3月份航油价格升幅(约每可用座位公里12港仙)。因此，该行预期在高油价环境下，国泰今年稍后时间起将面临利润受压。 ...

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