Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 91.00 [1][5]. Core Insights - The company continues to expand its fleet, with an increase of 9 aircraft quarter-on-quarter and 16 aircraft year-on-year, reaching a total of 451 aircraft. The delivery of 16 aircraft in the fourth quarter is a new high since 2024 [1][3]. - The growth in the fleet size is supported by the recovery in production capacity from Boeing and Airbus, which is expected to benefit the company's capital expenditure and fleet expansion [1][2]. - The company has financed over USD 4 billion in 2025, potentially setting a new high since 2020, indicating smoother capital expenditure deployment [1][4]. - The expected core ROE for 2025 and 2026 is projected to improve to 11% and 12%, respectively, from 10.5% in 2024 [1][4]. Summary by Sections Fleet Expansion - In Q4 2025, the company executed 66 transactions, including the delivery of 16 aircraft and the sale of 7 owned aircraft, resulting in a total owned fleet of 451 aircraft [3]. - The average age of the owned aircraft remains stable at 5 years, with an average remaining lease term of 7.8 years, and fleet utilization is maintained at 100% [3]. Financial Performance - The company forecasts net profits of USD 717.5 million, USD 836.03 million, and USD 909.35 million for 2025, 2026, and 2027, respectively [5][10]. - The projected BVPS for 2026 is USD 10.36, with a target PB of 1.13x, leading to an updated target price of HKD 91 [5][11]. Market Conditions - Global air travel demand continues to rise, with a 5.7% year-on-year increase in revenue passenger kilometers (RPK) reported by IATA [4]. - The supply-demand gap in the aircraft market persists, supporting aircraft rental rates and market values [4].