Core Viewpoint - The report indicates that China Aircraft Leasing's profit for the first half of the year increased by 7% year-on-year to HKD 140 million, driven by cost improvements and significant contributions from aircraft disposals [1] Financial Performance - The company plans to deliver 15 new aircraft in the second half of the year, which is expected to support rental income as the fleet size recovers [1] - The introduction of a profit forecast of HKD 475 million for 2026 reflects the company's growth expectations [1] Cost Management - The company aims to optimize its debt and capital structure through diversified financing and reducing leverage to lower financing costs, which will enhance profitability [1] - The report highlights that cost improvements will be a core driver of growth moving forward [1] Asset Management - Accelerating aircraft asset disposals is anticipated to help realize asset premiums and support profit performance [1] - The contribution from aircraft disposals is noted as a significant incremental benefit to the company's financial results [1] Target Price and Rating - The target price has been raised by 22% to HKD 5, maintaining an "outperform" rating for the company [1]
研报掘金｜中金：上调中国飞机租赁目标价至5港元 维持“跑赢行业”评级