[ET Net News Agency, 23 April 2018] UOB Kay Hian lowered its target price for Cathay
Pacific Airways (CX)(00293) to HK$12.4 from HK$12.9, and reiterated its "hold" rating.
The research house said CX's March operating data benefitted from an earlier Easter.
While indicating a recovery in yields, the carrier warned that the pick-up in cargo demand
post CNY was weaker than expected. UOBKH is also concerned about TSMC's guidance on
"softening demand for high-end phones", as semi-conductor shipments form a relatively high
portion of air cargo shipments.
It lowered its 2018 net profit forecast by 21% as it lowered its pax traffic growth
assumption from 2.9% to 2.5%. (KL)