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.
汇丰银行分析师阿查尔·库马尔开始对几只航空股进行报道。这位分析师写道，商务旅行持续复苏，国际需求增强，运力紧张，以及疫情驱动的行业行为变化。
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.
这位分析师表示，成本压力可能不会在短期内消失，但预计盈利能力将提高，资本支出周期可控，该行业将出现一些整合。
The analyst initiated coverage on Delta Air Lines, Inc. (NYSE:DAL) at a buy rating with a price target of $72.80.
该分析师以买入评级启动了对达美航空公司（纽约证券交易所代码：DAL）的报道，目标股价为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).
这位分析师表示，达美航空是他们的优先股，因为达美航空在所有关键枢纽都具有强大的竞争地位，而且在优质交通中的渗透率很高（收入的45％来自高级客舱）。
Also, Delta has the biggest loyalty membership base (around 120 million members), a balanced network, and a strong management team, writes the analyst.
分析师写道，此外，达美航空拥有最大的忠诚度会员基础（约1.2亿会员）、平衡的网络和强大的管理团队。
Kumar initiated coverage on American Airlines Group, Inc.(NASDAQ:AAL) at a Buy rating and a price target of $17.90.
库马尔开始对美国航空集团公司（纳斯达克股票代码：AAL）进行报道，评级为买入，目标股价为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.
该分析师写道，该公司在大西洋和拉丁美洲市场拥有强势地位，这两个市场都表现良好，并且与在西海岸拥有强大影响力的阿拉斯加航空集团公司（纽约证券交易所代码：ALK）的合作使它受益匪浅。
Also, the company has deployed almost 64% of its capacity in the domestic market, higher than peers (54%: United; 62%: Delta).
此外，该公司在国内市场部署了近64％的运力，高于同行（54％：美联航；62％：达美航空）。
The analyst initiated coverage on United Airlines Holdings, Inc.(NASDAQ:UAL) at a Buy rating with a price target of $69.20.
该分析师开始对联合航空控股公司（纳斯达克股票代码：UAL）进行报道，评级为买入，目标股价为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.
库马尔写道，鉴于其未来5-6年的最高资本支出承诺，联合航空是风险较高的投资选择，潜在回报率（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.
联合航空的网络相当平衡，其将近50％的运力部署在国际市场，而国际市场需求仍然强劲。此外，该公司预计，随着产能的增加，这种以运营为导向的业务的盈利能力将得到改善。
The analyst initiated Southwest Airlines Company (NYSE:LUV) at a Hold rating and a price target of $27.80.
该分析师创立了西南航空公司（纽约证券交易所代码：LUV），评级为持有，目标股价为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.
库马尔说，该航空公司是美国最大的低成本航空公司，拥有817架飞机（拥有90％的股权），其单位成本比UAL低近10％，比美国航空低15％，比达美航空低约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，该分析师写道，其燃油单位成本比美国航空低9％，比达美航空低13％，比联合航空低约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.
这位分析师喜欢该公司的资产负债表和较低的单位成本，但对成本压力和对Max飞机的依赖表示担忧。
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.
价格走势：周一最后一次检查时，DAL股价上涨1.63％，至53.35美元，AAL上涨3.78％，至14.94美元，UAL上涨3.11％，至54.36美元，LUV上涨3.20％，至28.24美元。
Image: Pixabay/ Hiljon
图片：Pixabay/Hiljon