CSA FVE Raised to HKD 8.50 on Improving Ticket Pricing Trend on Back of Resilient Demand
The latest China Southern Airline, or CSA, conference call paints an upbeat note for 2018. The management expects a positive average ticket pricing trend amid a strong demand outlook for both domestic and international routes, and capacity growth will likely average at a higher-than-expected 9% over the next three years (versus 10% in 2017). We raise our 2018 net income and top-line estimates by 16% and 11%, respectively, to CNY 8.1 billion and CNY 145 billion to reflect the improving operationa...
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