We Reinitiate Coverage of China Southern With an FVE of HKD 4.90 per Share and a No-Moat Rating
We reinitiate coverage on China Southern with no-moat and stable trend ratings. Our fair value estimate of HKD 4.9 per share implies a 2016 price/earnings ratio of 6.3 times and enterprise value/EBITDA of 3.3 times, and we currently consider shares to be fairly valued.ÂDespite being one of the nation’s largest airline operator with the most comprehensive global networks among the Big Three (China Southern, Air China, and China Eastern), China Southern’s market leadership does not warrant a moa...
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