Cathay Reported Disappointing Operating Data; Current Price Overvalued Against FVE of HKD 8.50
As expected, no-moat Cathay Pacific delivered a disappointing set of operating data in the first half amid intensifying competition on both short- and long-haul flights. This reinforces our view that Cathay Pacific is currently facing structural headwinds from its overreliance on Hong Kong, which has been steadily losing its appeal as a preferred tourist destination and as an interchange to global Tier 1 cities. While the recently announced cost-cutting program may provide some near-term bottom-...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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