BOC AVIATION(HK:02588) Ge Long Hui·2026-02-09 05:38Core Viewpoint - Citigroup's report indicates that China Aircraft Leasing Group's core net profit is expected to grow by 20% year-on-year in the first half of 2025, with strong growth anticipated to continue in the second half of 2025 [1] Group 1: Financial Performance - Management has reiterated a 35% dividend payout policy for the year, with potential for further increases due to low leverage [1] - The net leasing yield is expected to remain stable in the second half of 2025, while the profit margin from aircraft sales is projected to improve compared to the first half [1] Group 2: Forecast and Valuation - Citigroup has updated its forecasts for China Aircraft Leasing, raising the target price from HKD 80 to HKD 98.5 to reflect higher earnings expectations and the implied equity from fleet valuation premiums [1] - Earnings estimates for China Aircraft Leasing for the years 2025 to 2027 have been increased by 3%, 2%, and 3% respectively, reaching USD 754 million, USD 841 million, and USD 907 million, primarily due to upward adjustments in aircraft disposal profit forecasts [1]