[ET Net News Agency, 15 October 2019] Goldman Sachs raised its target price for China
Southern Airlines (CSA)(01055) to HK$6.7 from HK$6.6 and upgraded its rating to "buy" from
"neutral".
The research house expects the combination of improving demand, controlled capacity, and
cost control to support earnings over the coming quarters.
In addition, Goldman said CSA's valuation is near the bottom of its historical range (at
0.8x Last-Twelve-Month P/B). It thinks the earnings downgrade cycle is almost at an end.
Goldman noted that the recently announced major airspace adjustment is a positive for
CSA as it facilitates more efficient use of the Beijing-Guangzhou route, a key trunk route
for CSA.
It revised its 2019/20/21 adjusted net income estimates by -12%/-11.2%/+6.1%. (KL)
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01055 CHINA SOUTH AIR
Nominal 
2.740 +0.050 (+1.859%) Research Report
15/10/2019 17:53
{I-bank focus}Goldman ups China Southern Airlines to HK$6.7
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