Air China Delivers Solid Q316 Earnings on Lower Foreign Exchange Loss; FVE Maintained at HKD 7
Air China’s third-quarter results revealed a 15% year-on-year increase in cumulative nine months net profit to CNY 7.2 billion, above our expectation, mainly on substantially lower foreign exchange loss (down 38% year on year). Revenue increased 3.7% year on year to CNY 85 billion, in line with our estimate. With the top line and core earnings largely in line, we maintain our fair value estimate of HKD 7 per share. Our no-moat rating with stable trend remains unchanged due to intense competitive...
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