Cathay's Potential Acquisitions of HK Airlines and HK Express Make Strategic Sense.
Cathay Pacific said that it is in talks to acquire shares in both Hong Kong Express and Hong Kong Airlines from HNA Group. While no definitive agreement has been reached at the moment, we think the potential acquisition will not only enlarge Cathay’s footprint in its Hong Kong hub but also expand the airline’s reach into the low-cost carrier, or LCC, market--something we believe is long overdue. With no formal bid being announced, we are maintaining our no-moat rating and fair value estimate of ...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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