No Data
No Data
Lyon: Maintains Cathay Pacific Airways' outperform rating with a target price of HKD 9.2, downgraded.
In a research report released by Lyon, Cathay Pacific Airways (00293) was rated as "outperforming the market", but due to the expected slowdown in profits in the next three years other than Air China, the target price was lowered from HKD 10.6 to HKD 9.2. The report stated that the company's adjusted profit increased by 79% year-on-year in the period. Although the bank still expects a decrease in the group's return on equity, it has also lowered its spending forecast, so the group's profit forecast for 2024 and 2025 has been increased by 59% and 37%, respectively.
Lyon: Lowered the target price of Taikoo A to HK$67 and downgraded the rating to hold.
Lyon released a research report stating that it has lowered Swire A's target price from HKD 72 to HKD 67, downgraded its rating from 'outperform' to 'hold', and is bullish on SwireProperties (01972). The report pointed out that although Swire A's mid-term dividend met expectations, its non-aviation business is still affected by the weak economic environment. The bank also raised its forecast for recurring earnings in FY2024 by 23%, and lowered it by 4% in FY2025, reflecting mainly the latest forecasts for SwireProperties and Cathay Pac Air (00293). In addition, the bank also lowered its profit assumptions for its beverage business.
Maintain the outperform rating for Cathay Pacific Airways (00293) in Lyon, with a target price revised down to HKD 9.2.
Lyon raised Cathay Pacific Airways' (00293) profit forecast for 2024 and 2025 by 59% and 37%, respectively.
Citigroup: Maintains a 'buy' rating on Swire A, with target price increased to HK$79.25.
Citigroup has released a research report stating that it maintains a "buy" rating on Swire Pacific A (00019) with a target price raised from HKD 77 to HKD 79.25. The decline in the company's basic recurring earnings in the first half of this year compared with the same period last year is not surprising, mainly due to the decline in profits of Coca-Cola and Swire Properties business, but it is offset by the strong recovery of Cathay Pacific Airways (00293) and Hong Kong International Terminals. The report states that the company still has approximately 59% of authorized repurchase rights unused, and investors are willing to pay a premium for defensive havens in the current turbulent market. The bank maintains its net asset value per share for Swire in the 2025 fiscal year.
Bank of America Securities: Reiterates its 'buy' rating for Cathay Pacific Airways and raises target price to HKD 12.2.
Bank of America Securities released a research report recommending a buy rating for Cathay Pacific Airways (00293), taking into account the good performance in the first half of the year. As a result, the average forecast for net income from 2024 to 2026 has been adjusted upward by 0.5 billion yuan, and the target price has been raised from HKD 12 to HKD 12.2. The report stated that Cathay Pacific Airways’ performance in the first half of the year exceeded expectations, mainly due to the decrease in staff and aircraft parking costs during the period, and the favorable factor of exchange rate. Available seat kilometers in the first half of the year increased by 42.7% year-on-year, and passenger yield fell by 11% year-on-year, which is in line with expectations. In addition, the management of Cathay Pacific Airways expects the passenger yield to continue to trend positively in the second half of the year.
UBS Group: rated Cathay Pacific Airways as "buy", believing that the market's reaction to performance has been slightly positive.
UBS Group released a research report stating that the market's reaction to Cathay Pacific Airways (00293) performance was slightly positive, and it was rated as a "buy" for the group. Cathay Pacific Airways' mid-term net profit exceeded the bank's expectations by 15%, and operating profit slightly exceeded expectations; the interim dividend of HKD 0.2 per share was higher than expected, reflecting the start of an upward dividend cycle driven by strong free cash flow generation.
No Data