The Worst Is Over for Cathay; FVE Lifted to HKD 12.20
We are raising our fair value estimate for no-moat Cathay Pacific Airways to HKD 12.20 from HKD 11.60 as the company continues to show signs of solid recovery. First-half operating profit was HKD 697 million versus an operating loss of HKD 1,704 million for the year-ago period, above our estimate. Strong passenger yield, at 7.6% year-over-year growth, came on the back of a negligible 0.5% drop in load factor. Cathay’s cargo business (around 24% of overall revenue) remains robust, with revenue fo...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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