Cathay's Latest Organizational Streamlining and Job Cuts Will Not Solve Core Issues; FVE Maintained
Amid intense competition in core operations and persistent fuel hedging loss, no-moat Cathay Pacific has announced its intention to streamline its operational structure and cut jobs in 2017. The firm has not yet announced the exact scope and number of jobs affected by the latest restructuring. We maintain our current assumptions and fair value estimate of HKD 9 per share, and consider shares fairly valued at the current market price.While the upcoming organizational streamlining and job cuts ma...
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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