Cathay's Fiscal 2016 Result Showed Ongoing Fundamental Deterioration; FVE Cut to HKD 8.5 per Share
No-moat Cathay Pacific reported weak 2016 results that came in below our expectations amid intense competition, currency headwinds, and operating cost inflation pressure. The company posted its first annual operating loss in eight years, amounting to a loss of HKD 575 million, and it missed our full-year estimate by roughly HKD 1 billion, while the 9.4% year-on-year drop in revenue to HKD 92.8 billion was roughly in line with our expectations. The underperformance was largely driven by nearly 9....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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