Air China Continues to Improve Ticket Yield Management as It Stands Firm in China’s Airline Triopoly
No-moat Air China reported third-quarter results that featured solid revenue growth, but higher fuel costs continued to weigh on profitability. Third-quarter profit was also dragged down by currency losses, coming in at CNY 3.7 billion down 38% year on year. The group’s average ticket yield also posted stable growth amid capacity expansion in the third quarter, and steady demand for air travel in China indicates likely solid top-line growth ahead. We maintain our fair value estimate for Air Chin...
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