Air China's First-Half 2016 Result Decent on Solid Domestic Operations; FVE Maintained at HKD 7.00
No-moat Air China delivered as-expected first-half results, with top-line growth of 4%, in line with our assumptions. Foreign exchange loss of CNY 1.7 billion and higher operating costs sent net profit down 17% year on year. Overall, we think Air China delivered a decent domestic segment operating performance, with modest improvement in key parameters despite intense competition. However, international yields surprised to the downside as rapid capacity expansion drove down average ticket pricing...
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