CSA Reported Strong 1Q on Stable Pricing and Effective Cost Controls
No-moat China Southern delivered a better-than-expected first-quarter result on effective cost controls. The company’s net income and top line rose 69% year on year and 10% year on year, respectively, to CNY 2.4 billion and CNY 34.1 billion. Excluding one-off foreign exchange gains, core earnings would have increased 8%-10% year on year. The average ticket price remains stable amid decent capacity expansion, and a steady demand outlook warrants solid bottom-line growth ahead. We maintain our fai...
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