First Take: CSA's Solid Fiscal 2016 Result In Line After Excluding Foreign Exchange
No-moat China Southern delivered a solid result that was broadly in line with our expectations. Excluding the higher-than-expected foreign exchange loss of CNY 3.3 billion, the company’s core earnings of CNY 8.3 billion would have been in line with our estimates. The 3% year-on-year top-line growth to CNY 115 billion was at the upper end of our estimates. Favorable fuel cost, rapid international expansion, and a stable domestic operation drove the solid net income performance for the year. It ap...
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