Like Its Peers, China Southern Airlines Does Not Possess an Economic Moat
No-moat China Southern reported solid first-quarter results and provided some guidance for the remainder of 2019. The carrier’s first-quarter earnings featured higher adjusted operating margin, up 130 basis points year over year, driven primarily by strong cost management efforts. We have revisited our assumptions after incorporating the probability-weighted impact on the carrier from the ongoing conflict between China and the U.S. After fine-tuning our long-term forecasts, we maintain our fair ...
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