China Southern's Shares Don't Look Too Attractive Despite Cost Savings Ahead
We continue to see China Southern as fairly valued as we await its full-year results release at the end of March. Our no-moat rating is unchanged. Since October 2018, the airline’s growth in cargo supply has consistently outpaced that of demand by an average of almost 700 basis points. We believe the underperformance in cargo might have been affected by the U.S.-China trade war. Management continues to guide for a passenger capacity increase of a low teens percentage for 2019, a rate that’s fast...
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