China’s flagship carrier is shedding margins, even in a triopoly market structure.
No-moat Air China delivered strong first-half results on the back of robust aviation demand and prudent ticket yield management. Excluding the associate losses from Cathay Pacific, we estimate the company’s core earnings would have increased 10% year on year on the back of 9% year-on-year top-line growth. The favorable Chinese yuan movement also provided solid bottom-line support. We expect Air China to continue prioritizing ticket yield growth over international capacity expansion, and we maint...
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