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航空業困境求存 中飛租賃有三大逆市增長動能

中國飛機租賃(SEHK:1848)最近公布中期業績,值得投資嗎? –

新冠肺炎疫情為航空業帶來沉重打擊,旅遊寒冬中客運需求大減,但中國飛機租賃(SEHK:1848)最近公布中期業績,期內股東應佔溢利按年增長6.1%。到底這隻疫市增長的航空股表現如何?值得投資嗎?

1.飛機租賃確定性高

疫情中不少航空公司陷入周轉危機,如本地旗艦航空公司——國泰航空(SEHK:293)需要進行390億元資本重組計劃,並於疫情期間持續錄得鉅額現金虧損。飛機租賃在疫市中成為航空公司的重要融資渠道,加上租賃協議條款保障下,租賃公司的收益有較高確定性。作為在香港上市的兩間飛機租賃公司之一,中飛租賃在疫市中展現出強勁防守力,穩定的表現有望延續至下半年,今年7月中國南方航空(SEHK:1055)與中飛租賃訂立有關2架空客A330-200飛機的售後租回安排的協議。

2.租賃表現依然穩定

中飛租賃期內收入及其他收入僅較去年同期下跌2.4%,其中租賃收入按年增加2.9%,反映整體租賃情況受疫情影響輕微。據集團披露的數據,融資租賃及經營租賃的平均租賃租金收益率分別較去年同期提升了1.6及0.4個百分點至12.6%及9.7%,反映中飛租賃期內新增租約的定價普遍有所上升。值得一提的是,集團期內的利息開支更錄得下跌,主要源於銀行同業拆息率下降。這意味著中飛租賃的租賃業務收益率有望在疫市中擴張。

3.證劵化業務撐增長

與另一香港上市的飛機租賃公司——中銀航空租賃(SEHK:2588)相比,中飛租賃的財務實力及股東背景較為遜色,但其於近年積極發展證劵化業務。透過資產證劵化,集團可將附有租賃合約的飛機出售,加快現金周轉,再將資金重新投入業務,加強業務增長力。

最近,集團便訂立出售7架連租約波音B737-800飛機的協議,交易有望在年內完成。此外,中飛租賃的50億元人民幣儲架式資產證券化(ABS)發行計劃,已得到上海證券交易所批准,有利集團發展證劵化業務。

結語

中飛租賃在疫市中表現穩定,反映業務防守優勢,並且積極發展證劵化業務或有助彌補財務實力相對同業的不足。飛機租賃的行業前景明朗,中飛租賃有望受惠。

編輯:Yan

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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