Morgan Stanley analyst Tenny Song maintained a Hold rating on Hainan Meilan International Airport Company today and set a price target of HK$10.60.
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Tenny Song has given his Hold rating due to a combination of factors impacting Hainan Meilan International Airport Company. The company reported a net loss in the first half of 2025, with revenue declining due to a drop in air traffic and reduced commercial spending. Additionally, costs have increased, further straining financial performance.
Despite these challenges, there is a positive long-term outlook with the development of Hainan’s free trade port and potential synergies from partnerships, which could lead to improved efficiency and revenue growth. However, the short-term earnings pressure and market share loss in the air travel market contribute to the Hold rating. The price target was adjusted upwards, reflecting expectations of higher traffic and commercial spending in the future, but remains cautious given current financial pressures.