Air China Continues to Show Strong Cost Management, FVE Maintained at HKD 7.70
No-moat Air China reported first-half results that featured higher revenue, up 12% year on year. The carrier's operating margin remains stable, with strong cost management offsetting rising fuel price. First-half profit came in at CNY 3.9 billion, in line with our estimate. We think the latest operating data pointed to strong performance, with further pricing liberalization providing additional bottom line upside. We maintain our fair value estimate of HKD 7.70 per share and consider shares fair...
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