China Eastern Delivered Solid First-Half Result on Robust Demand; FVE Maintained at HKD 4.25
No-moat China Eastern reported a solid first-half result with net income and revenue up 34.4% year on year and 8.3% year on year, respectively, to CNY 4.3 billion and CNY 53.2 billion. Excluding the CNY 1.8 billion of disposal gains from cargo operations, the substantially higher fuel cost input would have driven core earnings down 23% year on year to CNY 2.5 billion. Going forward, we believe the company’s earnings growth will accelerate in the second half, driven by robust tourism demand, favo...
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