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<Research>M Stanley: CATHAY PAC AIR's 1H Results Miss Mkt Forecasts on Lower-than-Expected Passenger Yield
Recommend 13 Positive 32 Negative 22 |
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CATHAY PAC AIR (00293.HK) reported a net profit attributable to ordinary shareholders of HKD3.65 billion for 1H25, an increase of 8.3% YoY, while its operating profit remained flat YoY at HKD5.9 billion, below market expectations of HKD6.6 billion, according to Morgan Stanley's research report. Due to the impact of convertible bond buybacks, CATHAY PAC AIR's diluted EPS increased by 16.6% YoY. The group's total revenue for 1H25 amounted to HKD54.3 billion, up 9.5% YoY. Morgan Stanley commented in its report that the continued normalization of long-haul route yields and intensified competition on short-haul routes sank CATHAY PAC AIR's passenger yield to below expectations, despite strong demand for business class and a growth in load factor YoY. While the market is generally expecting a YoY slip in CATHAY PAC AIR's net profit for the entire year of 2025, Morgan Stanley believes the downside risk is limited. It gave the airline an Equalweight rating and a target price of HKD12.1. AAStocks Financial News |
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