[ET Net News Agency, 6 May 2020] Daiwa Research lowered its target price for BOC
Aviation (BOCA)(02588) to HK$75 from HK$85 and maintained its "buy" rating.
The research house cited BOCA from an analyst call seeing the earnings risk on lease
deferrals as low, but the company sees more earnings risk on aircraft deliveries since
Airbus and Boeing have suspended production.
BOCA commented that the liquidity of China's airlines remains strong. With the recovery
of domestic travel, Daiwa expects more deals with Chinese and US carriers in the near
term. BOCA had US$43m of uncollected receivables as at the end of 2019, of which US$D33m
has already been collected.
Daiwa trimmed its 2020-22 EPS forecasts by 9-15% mainly due to the potential aircraft
delivery delays. (KL)
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02588 BOC AVIATION
Nominal 
62.900 -1.150 (-1.795%) Research Report
06/05/2020 11:46
{I-bank focus}Daiwa lowers BOC Aviation (02588) to HK$75
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