New Morningstar Analyst Report for Cathay Pacific Airways Ltd
Despite a recent drop in oil price, we maintain our fair value estimate of HKD 12.20 on no-moat Cathay Pacific. The carrier has locked in roughly 30% of its expected fiscal 2019 fuel consumption at Brent price of around USD 65 per barrel. Thus, Cathay is in a less favorable position to benefit from near-term declines in oil price. While shares for the carrier are trading at a 12% discount to our fair value estimate, we recommend investors wait for a larger margin of safety before investing in Ca...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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