TC

12/09/2019 13:59

{I-bank focus}Jefferies cuts Cathay Pacific to HK$12.5

[ET Net News Agency, 12 September 2019] Jefferies Research lowered its target price for
Cathay Pacific Airways (CX)(00293) to HK$12.5 from HK$15 and maintained its "buy" rating.
The research house estimate CX's 2H loss of HK$973mn, based on pax traffic and yields to
decline by 4.5% and 6% with 1% increase in pax capacity. It estimated that a 1% change in
pax traffic and yields leads to HK$288mn and HK$236mn earnings change for 2H.
Jefferies expects pax traffic and yield pressure to remain near-term headwinds, but pax
traffic rebounds quickly post-downturns. This, combined with capacity cuts, leads to 2020
returning to profit after 2H 2019 losses. (KL)

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