中银航空租赁(02588)公布截至2025年9月30日止第三季度的营运交易情况，投资组合共计812架╱台自 有、代管及已订购的飞机和发动机，442架自有飞机的平均机龄为5.0年、平均剩余租期为7.8年;因公司 不再担任15架飞机的服务商，代管机队现包括17架飞机;订单簿包括343架飞机;自有及代管机队的客户 群覆盖46个国家及地区的88家航空公司;自有飞机利用率保持在100%。 2025年第三季度共执行34项交易，其中包括：承诺购买3架飞机，交付11架飞机，售出10架自有飞机， 签署10份租约承诺，发行5亿美元5.5年期债券，票面利率为每年4.25%，较5年期美国国债上浮58个基 点，债券利差创公司新低。 ...

2025年第三季度共执行34项交易，其中包括： 承诺购买3架飞机，交付11架飞机，售出10架自有飞机， 签署10份租约承诺，发行5亿美元5.5年期债券，票面利率为每年4.25%，较5年期美国国债上浮58 个基 点，债券利差创公司新低。 智通财经APP讯，中银航空租赁(02588)公布截至2025年9月30日止第三季度的营运交易情况，投资组合 共计812架╱台自有、代管及已订购的飞机和发动机，442架自有飞机的平均机龄为5.0年、平均剩余租 期为7.8年;因公司不再担任15架飞机的服务商，代管机队现包括17架飞机;订单簿包括343架飞机;自有及 代管机队的客户群覆盖46个国家及地区的88家航空公司;自有飞机利用率保持在100%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 BOC AVIATION LIMITED 中銀航空租賃有限公司* （於新加坡共和國註冊成立的有限公司） 股份代號：2588 截至2025年9月30日止第三季度營運資料 中銀航空租賃有限公司（「本公司」）公佈其截至2025年9月30日止第三季度的營運交 易情況。 投資組合及交易概要 * 僅供識別 – 1 – | 資產類型 | 自有 | 代管 | 已訂購2 | 總數 | | --- | --- | --- | --- | --- | | 空客A220系列 | 23 | 0 | 0 | 23 | | 空客A320CEO系列 | 57 | 7 | 0 | 64 | | 空客A320NEO系列 | 148 | 0 | 211 | 359 | | 空客A330CEO系列 | 8 | 0 | 0 | 8 | | 空客A330NEO系列 | 6 | 0 | 0 | 6 | | 空客A350系列 | 9 | 0 | 0 | ...

Core Viewpoint - The aircraft leasing industry is experiencing a tightening supply-demand dynamic, leading to rising aircraft values and rental rates, with strong demand for leasing continuing amidst supply chain constraints and skilled labor shortages [1][2]. Group 1: Industry Dynamics - Aircraft manufacturers are facing production capacity limitations due to supply chain issues, skilled labor shortages, and raw material supply disruptions, while demand for aircraft remains robust [1]. - The tightening supply-demand situation is expected to benefit leading aircraft leasing companies, which are experiencing stable aircraft deliveries during this upcycle [1]. Group 2: Company Strengths - The company has a strong management team with over 26 years of experience in banking, leasing, and aviation, which enhances its fleet management capabilities and helps mitigate cyclical risks in the aviation industry [1]. - The company has maintained profitability for 31 consecutive years since its establishment, with a steady growth trend in aircraft business revenue, primarily driven by operating lease rental income, which has consistently accounted for over 70% of total revenue [1]. Group 3: Financial Position - Backed by its major shareholder, Bank of China, the company enjoys significant financing cost advantages and strong capital acquisition capabilities, with a high credit rating relative to peers [1][2]. - Approximately 30% of the company's debt consists of floating-rate bonds, positioning it to benefit from potential interest rate cuts by the Federal Reserve [1][2]. Group 4: Performance Forecast - The company is expected to achieve revenues of $2.533 billion, $2.668 billion, and $2.817 billion for the years 2025-2027, with year-on-year growth rates of -0.9%, +5.3%, and +5.6% respectively [2]. - Projected net profits for the same period are $699 million, $766 million, and $840 million, with year-on-year growth rates of -24.31%, +9.56%, and +9.66% respectively [2]. - The company’s target price is set at HKD 91.70, with a target price-to-book ratio of 1.20x for 2025, reflecting an anticipated improvement in valuation amid favorable industry conditions and reduced financing costs [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 91.70 based on a projected PB of 1.20x for 2025 [5][3]. Core Views - The aircraft leasing industry is experiencing upward momentum due to a supply-demand gap driving aircraft values and rental rates higher, with sustained strong demand for leasing [1][2]. - The company has a strong fleet management capability, with a management team that has extensive experience in banking, leasing, and aviation, allowing it to effectively navigate cyclical risks in the aviation industry [1][2]. - The company benefits from a significant cost advantage in financing due to its backing by the Bank of China, maintaining a high credit rating and lower bond yield spreads compared to peers [2]. Summary by Sections Supply-Demand Dynamics - Aircraft manufacturers are facing production capacity constraints due to supply chain issues, skilled labor shortages, and material supply disruptions, leading to longer delivery times and a tight supply situation [13][14]. - Global air passenger demand continues to grow, with strong load factors reported, indicating robust market conditions for aircraft leasing [19][21]. - The limited availability of aircraft for leasing is driving up market values and rental rates, with new aircraft rental rates surpassing pre-pandemic levels [24][31]. Company Strengths - The company has maintained profitability for 31 consecutive years since its establishment, demonstrating resilience and strong operational capabilities [40]. - The management team has an average of over 26 years of experience, which is crucial for navigating the cyclical nature of the aircraft leasing industry [47][48]. - The fleet has been steadily expanding, with a focus on mainstream aircraft types, and the company has a significant order backlog, ensuring future growth [55][60]. Financial Performance and Projections - The company is projected to achieve revenues of USD 2.533 billion in 2025, with a slight decline of 0.9% year-on-year, followed by growth in subsequent years [4][3]. - Net profit is expected to be USD 699 million in 2025, reflecting a decrease of 24.31% year-on-year, but with a recovery anticipated in the following years [4][3]. - The company’s financing costs are expected to improve due to a significant portion of its debt being floating rate, which may benefit from potential interest rate cuts by the Federal Reserve [2][3].

Core Viewpoint - The report indicates that China Aircraft Leasing's profit for the first half of the year increased by 7% year-on-year to HKD 140 million, driven by cost improvements and significant contributions from aircraft disposals [1] Financial Performance - The company plans to deliver 15 new aircraft in the second half of the year, which is expected to support rental income as the fleet size recovers [1] - The introduction of a profit forecast of HKD 475 million for 2026 reflects the company's growth expectations [1] Cost Management - The company aims to optimize its debt and capital structure through diversified financing and reducing leverage to lower financing costs, which will enhance profitability [1] - The report highlights that cost improvements will be a core driver of growth moving forward [1] Asset Management - Accelerating aircraft asset disposals is anticipated to help realize asset premiums and support profit performance [1] - The contribution from aircraft disposals is noted as a significant incremental benefit to the company's financial results [1] Target Price and Rating - The target price has been raised by 22% to HKD 5, maintaining an "outperform" rating for the company [1]

Core Viewpoint - China Aircraft Leasing (01848) maintains its 25-year profit forecast while introducing a profit estimate of HKD 475 million for 2026, with a target price increase of 22% to HKD 5.0, reflecting a strong market outlook and a recommendation to outperform the industry [1]. Company Status - The company reported a 7% year-on-year increase in profit to HKD 140 million for the first half of 2025, driven by cost improvements and significant contributions from aircraft disposals. The ongoing high market demand and the company's global strategy suggest a positive long-term profit recovery [2]. Mid-term Growth Drivers - **Revenue Side**: - Leasing revenue decreased by 14.1% year-on-year to HKD 1.91 billion, accounting for 79% of total revenue, primarily due to aircraft disposals. The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income [3]. - Net income from aircraft transactions surged by 1060.2% year-on-year to HKD 290 million, corresponding to the sale of 19 aircraft, indicating a strong asset value in a high-demand market [3]. - **Cost Side**: - The company reduced interest-bearing liabilities by 11.0% year-on-year, and interest expenses fell by 17.6% to HKD 1.1 billion, leading to a decrease in leverage from 9.1x at the end of 2024 to 8.4x. The focus on diversified financing and debt reduction is expected to enhance profitability [3]. Long-term Support Factors - As of the end of the first half of 2025, the company had a fleet of 181 aircraft, with 151 owned and 30 managed. The order book stands at 114 aircraft, providing a solid foundation for future growth amid tightening supply chains. The company is also expanding its global customer base, with 33% of aircraft leased to overseas airlines, reinforcing its growth potential [4].

Company Overview - China Aircraft Leasing (01848) maintains its 25-year profit forecast and introduces a profit estimate of HKD 475 million for 2026, currently trading at 0.79x/0.75x 25e/26e P/B [1] - The company reported a 7% year-on-year increase in profit for the first half of 2025, reaching HKD 140 million, driven by cost improvements and significant contributions from aircraft disposals [1] Revenue Insights - Leasing revenue for the first half of 2025 decreased by 14.1% year-on-year to HKD 1.91 billion, accounting for 79% of total revenue, primarily due to a reduction in fleet size from aircraft disposals [1] - The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income performance [1] - Net income from aircraft transactions surged by 1060.2% year-on-year to HKD 290 million, corresponding to the sale of 19 aircraft, indicating a strong market for aircraft assets [1] Cost Management - The company reduced its interest-bearing debt by 11.0% year-on-year, resulting in a 17.6% decrease in interest expenses to HKD 1.1 billion, with the leverage ratio declining from 9.1x at the end of 2024 to 8.4x [2] - Future strategies will focus on diversifying financing and reducing leverage to optimize debt and capital structure, thereby lowering financing costs [2] Order Book and Client Base - As of the end of the first half of 2025, the company had a fleet of 181 aircraft, with 151 owned and 30 managed, maintaining a leading position in high liquidity narrow-body aircraft [3] - The order book stands at 114 aircraft, providing a solid foundation for future growth amid tightening supply chains [3] - The company is expanding its global customer base while solidifying its leading position in the Chinese market, with 33% of aircraft leased to overseas airlines [3]

Company Overview - The company reported a 7% year-on-year increase in profit for 1H25, reaching 140 million HKD, driven by cost improvements and significant contributions from aircraft disposals [1] - The company plans to deliver 15 new aircraft in the second half of the year while selling 6-10 aircraft, which is expected to support rental income performance [1] Revenue and Income - Rental income decreased by 14.1% year-on-year to 1.91 billion HKD, accounting for 79% of total revenue, primarily due to a reduction in fleet size from aircraft disposals [1] - Net income from aircraft transactions surged by 1060.2% year-on-year to 290 million HKD, corresponding to the sale of 19 aircraft, an increase of 14 aircraft compared to the previous year [1] Cost Management - The company reduced its interest-bearing debt by 11.0% year-on-year, resulting in interest expenses decreasing by 17.6% to 1.1 billion HKD [1] - The company's leverage ratio improved from 9.1x at the end of 2024 to 8.4x, with a focus on optimizing debt and capital structure to lower financing costs [1] Fleet and Orders - As of the end of 1H25, the company had a fleet of 181 aircraft, with 151 owned and 30 managed, maintaining a leading position in high liquidity narrow-body aircraft [2] - The company has a robust order book of 114 aircraft, which supports future growth amid tightening supply chains [2] Market Position and Valuation - The company is maintaining its 2025 profit forecast and introducing a profit estimate of 475 million HKD for 2026, currently trading at 0.79x/0.75x P/B for 2025/2026 [2] - The target price has been raised by 22% to 5.0 HKD, reflecting an upward adjustment based on sustained high market conditions for aircraft [2]

Financial Data and Key Metrics Changes - The company is on track to produce approximately $750 million in free cash flow for the year [66] - The company aims to achieve a strong BB rating from credit agencies, with a debt to total EBITDA ratio under three times [66] Business Line Data and Key Metrics Changes - The company has closed or is under letter of intent for 145 aircraft in its new leasing partnership, ahead of its target of 250 aircraft [8][9] - The goal for 2026 is to produce around 1,000 modules, representing a 33% growth in production [24] Market Data and Key Metrics Changes - The addressable market spend on V2500s and CFM56 engines is approximately $22 billion annually, with the company currently holding about 9% market share, up from 5% a year ago [26] - The company expects to achieve a market share of 25% or higher in the future [26] Company Strategy and Development Direction - The company aims to be the largest provider of aftermarket engine power for the commercial aviation industry, focusing on the 737 NG and A320 engines [1][2] - The strategy includes vertical integration by owning and maintaining engines, which differentiates it from traditional lessors and MROs [3][4] - Future growth initiatives include piece part repair and maintenance capacity investments, as well as potential acquisitions [67] Management's Comments on Operating Environment and Future Outlook - Management believes that the current aircraft market is tight, but they are confident in achieving return hurdles through efficient maintenance and inventory management [13][14] - The company sees significant opportunities in the market due to the aging fleet and the need for cost-effective maintenance solutions [48][50] Other Important Information - The company has made strategic acquisitions, including Pacific Aerodynamic, to enhance its repair capabilities and reduce costs [32][36] - The company is exploring the possibility of expanding its facilities geographically, particularly in Southeast Asia or the Middle East [28] Q&A Session Summary Question: How will the company achieve return hurdles in a tight aircraft market? - Management indicated that efficient maintenance and inventory management are key to achieving return hurdles, as they can provide immediate engine solutions to customers [13][14] Question: What are the production goals and market share aspirations? - The company aims to produce 750 modules this year and grow to 1,000 modules by 2026, targeting a market share of 25% [24][26] Question: What is the company's capital allocation strategy? - The company plans to prioritize growth initiatives, potential stock buybacks, and maintaining a strong credit rating [66][67]