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 ...China Southern Airlines and its subsidiaries are engaged in the provision of commercial airline services throughout the People's Republic of China, Hong Kong, Macau and Taiwan regions, Southeast Asia and other parts of the world. Co. also provides air cargo and mail services. Co.'s airline operations are fully integrated with its airline-related businesses, including aircraft and engine maintenance, flight simulation and air catering operations. As of Dec 31 2012, Co. operated a fleet of 491 aircraft: 243 boeing, 225 airbus and 23 others. Co. had carried 86,485,000 passengers, and 1,232,000 tons cargo and mail.
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