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<Research>HTSC Lifts CHINA SOUTH AIR (01055.HK) TP to $7.6, Raises Earnings Forecasts
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CHINA SOUTH AIR (01055.HK) announced its 2025 operational data, with ASK/ RPK increasing by 6.6%/ 8.3% YoY each, according to Huatai Securities' research report. Its passenger load factor (PLF) was 85.7%, up 1.4 ppts YoY, continuing to log a new annual historical high. The broker raised its 2025-2027 net profit attributable to the parent company forecasts for CHINA SOUTH AIR by 59%/ 42%/ 29% to RMB1.023 billion/ RMB8.573 billion/ RMB11.035 billion, corresponding to EPS of RMB0.06/ RMB0.47/ RMB0.61, respectively. Huatai Securities expected 2026 BPS to be RMB2.45 (previously RMB2.29), with FY2026 PB ratio being 4x/ 2.8x for CHINA SOUTH AIR's A-/ H-shares. Therefore, the broker lifted its target prices for CHINA SOUTH AIR's A-/ H-shares from RMB8.7/ $6.3 to RMB9.8/ $7.6, with ratings kept at Buy. AASTOCKS Financial News |
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