中银国际：升中银航空租赁(02588)目标价至83.9港元 评级“买入”

Core Viewpoint - Bank of China International reports that China Aircraft Leasing (02588) experienced a 5.8% year-on-year increase in total revenue and other income in the first half of the year, with a 20% growth in after-tax core net profit [1] Financial Performance - The leasing rental yield reached 10.3%, an increase from 9.8% in the same period last year [1] - The net leasing yield rose to 7.5%, up from 7% in the first half of the previous year [1] Business Model and Valuation - The business model of China Aircraft Leasing remains robust, and the dividend yield is considered attractive [1] - As of the end of June, the market value of its aircraft exceeded the book value by 15% [1] - The target price has been raised to HKD 83.9, maintaining a "Buy" rating [1]