Goldman Sachs raised its target price for BOC Aviation (BOCA)(02588) to HK$74.65 from HK$67.6 and maintained its "neutral" rating.
The research house said BOCA's 1H result was in-line with Goldman's expectations.
Given the importance of the aircraft for the industry and BOCA (54% of BOCA's aircraft on order are 737-MAX aircraft), investor/analyst focus was centered around the MAX and its potential timeline for return. The management stated that while it is difficult to ascertain the delivery timeline of the MAX aircraft, it expects some or all of its 23 MAX aircraft that were scheduled for delivery in 2019 to be delayed out of this year
Post results and new management guidance, Goldman revised its FY2019/20/21 adjusted EPS forecasts by +1%/-4%/-2%, mainly due to lower net lease yields.
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