Cathay Reported Weak First-Half Result on Sharp Yield Decline; FVE Maintained at HKD 8.50 per Share
Sharp yield decline and operating cost inflation pressure drove no-moat Cathay Pacific to report a weaker-than-expected first-half result. The net loss of HKD 2.1 billion already exceeded our initial full-year forecast of a loss of HKD 546 million, as the 5.2% year-on-year passenger yield decline surprised to the downside and the company’s restructuring efforts failed to offset rising operating costs. Virtually flat revenue (at HKD 45.8 billion) was in line with our estimate. We reduce our 2017 ...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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