[ET Net News Agency, 31 October 2019] Daiwa Research lowered its target price for China
Eastern Airlines (CEA)(00670) to HK$4.4 from HK$6.8 and retained its "outperform" rating.
The research house attended CEA's post-results conference call yesterday. Overall, Daiwa
believes management has become more cautious on its outlook for 4Q 2019 and 2020.
With the lack of a strong recovery in 3Q, Daiwa now expects a net loss of CNY2bn in 4Q.
It cut the 2019-21 EPS forecasts by 50-58% given the longer-than-expected passenger yield
weakness and less optimistic outlook for 2020. (KL)