Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed BOC Aviation Limited (BCVVF, BCCVY, 2588:HK), Asia's largest aircraft operating leasing company headquartered in Singapore. There are concerns that there will be a significant number of delivery deferrals and client defaults which could put the company's business under pressure in challenging times like these. Also, the company is valued by the market at a premium compared with its peers on a P/B basis, and there is a risk that its book value could decline due to aircraft impairment losses.
On the flip