HK Express Acquisition Confirmed; Cathay FVE Maintained Pending Release of More Information
No-moat Cathay Pacific confirmed its plan to acquire low-cost-carrier, or LCC, Hong Kong Express, or HKE, for HKD 4.9 billion. The acquisition will be financed by roughly 46% cash on hand and 54% promissory notes. Ever since the rumor surfaced, we have said that Cathay Pacific will be a stronger company with a budget airline arm. HKE is the sole LCC based in Hong Kong, and its business perfectly complements that of legacy carrier Cathay. We are maintaining our HKD 12.20 fair value estimate for C...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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