Air China's Fiscal 2017 Net Income Missed on Higher Fuel Cost Input; FVE Retained at HKD 7.70
No-moat Air China’s 2017 result was mixed, with net income of CNY 7.2 billion missing our estimate by 20%, largely due to higher fuel cost input and lower-than-expected international ticket pricing, while the 7.7% year-on-year revenue growth to CNY 127 billion was as expected. Going forward, we expect 2018 net income and revenue to rise 22% and 19%, respectively, as we expect slight ticket yield improvement on the back of 10% capacity expansion. We retain our fair value estimate of HKD 7.70 per ...
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