Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The supply of aircraft is slightly improving, with Boeing and Airbus delivering a total of 320 aircraft in 2Q25, up from 266 in 1Q25. The company delivered 13 aircraft in 2Q25, an increase from 11 in 1Q25, but sold 14 aircraft, resulting in a decrease in owned aircraft to 441 [1][2][3] - The company expects a core ROE of 10.6% for 2025, roughly in line with 10.5% in 2024, indicating stable performance despite potential challenges in the debt market due to fluctuating U.S. Treasury rates [1][4] Summary by Sections Supply Chain Improvement - The report highlights that the recovery of aircraft manufacturers' capacity is crucial for the company's performance. The increase in aircraft deliveries is expected to positively impact leasing rates and ROE if the trend continues [2] Fleet Management - In 2Q25, the company executed 75 transactions, including the delivery of 13 aircraft and the sale of 14 aircraft, leading to a net decrease in owned aircraft. The average age of sold aircraft was 10.4 years, which is higher than the overall fleet average of 5 years. The company maintains a strong order book with 351 aircraft on order [3] Financial Projections - The company forecasts a net profit of USD 702.62 million for 2025, with a slight decrease from 2024. The target price is set at HKD 82, based on a 1.06x 2025E PB ratio [5][10]