Cathay Pacific Set To Report Dismayed Second-Half 2016 Results; Fair Value Estimate Cut
No-moat Cathay Pacific has retracted its second-half earnings forecast just two months after the release of its interim report. The company no longer expects better bottom-line performance in the second half, citing that “overcapacity and strong competition†are having an adverse impact on passenger ticket yield performance. After factoring in the worse-than-expected yield deterioration, we cut our 2016 net income and revenue forecasts by 79% and 2%, respectively, to HKD 518 million and HKD 9.4 ...Cathay Pacific is an international airline registered and based in Hong Kong, offering scheduled passenger and cargo services to 203 destinations in 50 countries and territories. Co. and its subsidiaries are engaged in other related areas including airline catering, aircraft handling, aircraft engineering and cargo terminal operations. Co.'s airline operations are principally to and from Hong Kong. Co.'s segments include: the airline business, which consist of Co.'s passenger and cargo operations; and the non-airline business, which consist of catering, ground handling, aircraft ramp handling services and cargo terminal operations. As of Dec 31 2014, Co. operated 147 aircraft.
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