CEA Has No Moat Despite Being One of the Big Three Domestically, Owing to Intense Competition
No-moat China Eastern Airlines reported 2018 third-quarter results that featured solid revenue growth but higher fuel cost and foreign currency headwinds continue to weigh on the bottom line. The carrier’s third-quarter net profit came in at CNY 2.4 billion, tracking slightly ahead of our full-year expectations. We maintain our fair value estimate of HKD 4.25 on China Eastern Airlines and recommend prospective investors seek a wider margin of safety before investing in the name.On the revenue ...
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