CEA has no moat despite being one of the Big Three domestically, owing to intense competition.
No-moat China Eastern, or CEA, reported a decent result for the first nine months of the year, with net income and revenue up 18% year on year and 2.8% year on year, respectively, to CNY 7.9 billion and CNY 77.5 billion. Excluding the one-off disposal gain from cargo operation, core earnings declined 9.6% year on year to CNY 5.6 billion, as modestly improving average ticket pricing was not enough to offset the materially higher fuel cost input. At this rate, we believe CEA is on track to meet ou...
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