Group 1 - The core view of the report is a positive outlook for Asia-Pacific airlines by 2026, driven by sustained high ticket prices, healthy demand, improved cargo fundamentals, and potential benefits from excess oil supply [1] - The report raises the average earnings per share forecast for Asia-Pacific airlines from 2025 to 2027 by 22%, reflecting improved passenger and cargo unit revenue outlooks, with the largest upward adjustment for mainland Chinese airlines [1] Group 2 - The target price for China Eastern Airlines is raised from HKD 2 to HKD 2.9, maintaining a "Underperform" rating [1] - The target price for China Southern Airlines is increased from HKD 3.1 to HKD 5.92, with the rating upgraded from "Underperform" to "Neutral" [1] - The target price for Air China is raised from HKD 4.2 to HKD 8.3, with the rating upgraded from "Underperform" to "Buy" [1]
美银：对2026年亚太地区航空公司持正面看法，上调内地三大航空股目标价