Higher Fuel Cost Weighed on CSA Profitability; FVE Lowered to HKD 7.8 After CNY Depreciation
No-moat China Southern Airlines reported first-half results that featured higher revenue, but higher fuel cost weighed on profitability. First-half profit, further dragged down by currency losses, came in at just CNY 3,043 million, below our estimate. The group’s average ticket yield remains stable at 0.40 amid capacity expansion, and steady demand for air travel in China warrants solid top-line growth ahead. However, given the recent devaluation of the Chinese yuan against the Hong Kong dollar,...
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