研报掘金｜中金：上调中银航空租赁目标价至87.9港元 维持“跑赢行业”评级

Core Viewpoint - The report from CICC indicates that with improving deliveries and the Federal Reserve's interest rate cut environment, China Aircraft Leasing Group may enter a growth cycle characterized by both volume and price increases, potentially creating steady valuation uplift space [1] Group 1: Financial Performance - Since the second half of last year, the Federal Reserve has entered a rate-cutting cycle, with the company's floating rate liabilities accounting for 29% of total liabilities in the first half of this year, indicating strong sensitivity to interest rate cuts [1] - The company issued 5.5-year and 7-year corporate bonds on August 26 last year and January 12 this year, with corresponding coupon rates of 4.25% and 4.375% [1] Group 2: Earnings Forecast - CICC maintains the company's earnings forecast for 2025 to 2026, while introducing a new earnings forecast for 2027 at USD 931 million [1] - Considering the company's benefits from the industry supply-demand dynamics and the interest rate cut cycle, the target price has been raised by 8% to HKD 87.9, while maintaining an "outperforming the industry" rating [1]