China Southern Airlines' 4Q Results Beat Our Estimates, FVE Maintained; Shares Fairly Valued
No-moat China Southern Airlines’ fourth-quarter results come in slightly ahead of our estimates, but this was primarily driven by an around 40% surge in bottom line in government grants received. Our fair value estimate for China Southern is unchanged at HKD 7.8 (CNY 6.80). While the carrier’s near-term capacity growth will be matched by strong demand for air travel, we do not see any more upside in yield over the next five years. We also believe the indefinite grounding of Boeing 737 MAX 8 plan...
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