Despite Posting Strong Q4 Results, Air China's Outlook Remains Dim; FVE Lowered to HKD 7.0
We lower our fair value estimate for no-moat Air China to HKD 7.0 from HKD 7.3 following fourth-quarter results and new guidance for 2019, because the impact of slower capacity expansion was offset by markedly stronger yield. While the carrier’s near-term capacity growth will be matched by strong demand for air travel, we do not see any more upside in yield over the next five years. Adverse effects from the upcoming opening of Beijing’s second airport are set to hit Air China’s profitability. We...Air China is engaged in providing air passenger, air cargo and airline-related services, of which including aircraft engineering services, air catering services and airport ground handling services, mainly in Mainland China, Hong Kong and Macau. Through its subsidiaries and associated companies, Co. is also engaged in import and export trading; provision of flight academy, ground service, air ticketing services, consultancy services, human resources services, aircraft maintenance and repair services, airline-related information system services and financial services; and investment holding.
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