Impressive Yield Management Led to Air China's Strong Nine-Month Result; FVE Raised to HKD 7.70
No-moat Air China delivered a robust result for the first nine months on the back of strong yield improvement and effective cost-containment. Excluding the one-off, the company’s recurring earnings rose 22% year on year to CNY 8.2 billion amid 9% year on year top-line growth to CNY 92 billion. The favorable Chinese yuan movement, in combination with narrowing exposure to U.S.-dollar-denominated debt, also provided solid bottom-line support. Going forward, strong recovery on international routes ...
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