Uncertainties Around Geopolitical Tensions Weigh on Cathay’s 2019 Outlook. FVE Kept at HKD 12.20
Our HKD 12.20 fair value estimate and no-moat rating are unchanged after Cathay Pacific Airways reported full-year earnings of HKD 0.60 per share, in line with management’s prerelease figures. While the market reacted positively to the announcement, presumably due to higher-than-expected supply growth guidance for 2019, we do not believe new supply will be matched by demand in the near term. Our long-term thesis for the carrier remains in place, but we think the first half of 2019 will be a chal...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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