CEA's Core Earnings Missed by 10% on Higher Fuel Cost Input; FVE Retained at HKD 4.25 per Share
No-moat China Eastern Airlines', or CEA’s, 2017 result missed our expectations after excluding the one-off gain of CNY 1.8 billion related to the disposal of the cargo business. The core earnings of CNY 5.1 billion would have missed our estimate by roughly 10%, as the significantly higher fuel cost input offset the higher ticket prices and foreign exchange gains. The 5% year-on-year top-line growth was in line with our estimate. Going forward, we anticipate ticket yield improvement will persist ...
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