China Southern is one of the Big Three in China, and has no moat despite significant market share.
Owing to notably better yield on the back of solid demand in the third quarter, no-moat China Southern Airlines, or CSA, delivered a solid result for the first nine months, with net income rising 9.5% year on year on the back of 11% year-on-year top-line growth. The favorable currency movement, along with decreasing exposure to U.S.-dollar-denominated debt, largely offset the notably higher jet fuel cost input and provided additional bottom-line support as well. With CSA prioritizing yield manag...
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