Everbright Securities released a research report saying that it covers BOC Aviation Leasing for the first time and gives it an "overweight" rating. It expects revenue forecast for 2024-2026 to be US$2.5 billion, 26 billion,roulettesimulationUS$.80 million and US$2.92 billion, net profit forecast is US$710 million, US$770 million, and US$880 million, corresponding earnings per share forecast is US$1.02, US$1.1 and US$1.27, and a target price of HK$69.92.
The report said that during the epidemic, the group's cash flow and rental payment rate faced impacts. But the aviation leasing industry is completeroulettesimulationThe legal system of the company ensures the stability of the company's cash flow, and the rental payment rate has begun to rise in the past three years and has now returned to above 100%. The adjusted actual income tax rate of BOC Aviation Leasing is 10%, which is lower than that of other peers listed in Hong Kong stocks; at the same time, the Group has excellent low-cost financing capabilities, bargaining and negotiation capabilities and aircraft asset management capabilities.
To sum up, the bank believes that BOC Aviation Leasing has obvious competitive advantages. In addition, if market interest rates fall in the future, it will also bring excess returns to the group.
