[ET Net News Agency, 1 November 2019] Daiwa Research lowered its target price for China
Southern Airlines (CSA)(01055) to HK$5.2 from HK$8 and maintained its "hold" rating.
CSA held its post-results conference call on 31 October. Management sees increasing
uncertainties for 2020. The company said it has succeeded in balancing the yield and
profit as well as shifting capacity from weak markets to strong markets. Management
believes market uncertainties will increase in 4Q19 and 2020, the research house said.
CSA is planning a private placement from its parent company to acquire 31 aircraft and
pay back loans by increasing its outstanding shares by 25%. With likely CNY130m in
interest expense savings, Daiwa estimated 2020 EPS to be diluted by 19%. Daiwa cut its
2019-21 EPS forecasts by 10-21% given the less optimistic outlook for 2020. (KL)
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01055 CHINA SOUTH AIR
Nominal 
2.620 -0.010 (-0.380%) Research Report
01/11/2019 14:09
{I-bank focus}Daiwa cuts China Southern Airlines to HK$5.2
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