CSA's Fiscal 2017 Earnings Missed on Fuel Cost Input and Weak International Route Pricing
No-moat China Southern Airline's 2017 net income of CNY 5.9 billion missed our estimate by roughly 12% due to weaker-than-expected international routes and sharply higher fuel cost input, while the 10% year-on-year top-line growth to CNY 127 billion was in line with our estimate. For 2018, we anticipate the positive net earnings momentum to persist on the back of improving average ticket price, driven by strong tourism demand and moderating capacity expansion plan. The company will host an inves...
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