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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.
UBS: Maintain 'Buy' rating for Cathay Pacific Airways, with a target price of 9.8 HKD.
Furui released a research report stating that it maintains a 'buy' rating on Cathay Pacific Airways (00293) with a target price of HKD 9.8. The bank believes that the passenger yield of the group will continue to decline due to competition on short-haul routes and normalization of long-haul routes, but the cargo yield may be stronger due to seasonal factors, and this trend may continue into the second half of the year. Furui estimates that the group's profits in the second half of the year will be stronger than the first half, and its operating profit for the fiscal year has reached its peak, but net profit will benefit from the profit recovery of Air China Limited (00753).
In June, the passenger transport capacity of Air China Limited increased by 11.4% year-on-year and decreased by 1.4% month-on-month.
Air China Limited (00753) announced that in June 2024, the company and its subsidiaries (hereinafter referred to as the "Group") saw a year-on-year and month-on-month increase in passenger turnover (measured by revenue passenger-kilometers). Year-on-year, the passenger transportation capacity (measured by available seat kilometers) increased by 11.4% and decreased by 1.4% month-on-month; the passenger turnover increased by 22.6% year-on-year and 0.7% month-on-month. Among them, the domestic passenger transportation capacity decreased by 4.3% year-on-year and 1.8% month-on-month; the passenger turnover increased by 5.3% year-on-year and decreased by 0.8% month-on-month. The international passenger transportation capacity increased by 85.1% year-on-year and decreased month-on-month.
Air China Limited suggests appointing Cui Xiaofeng as a non-executive director.
Air China Limited (00753) announced that Mr. Feng Gang will no longer serve as a non-executive director due to retirement age. The board of directors has proposed the appointment of Mr. Cui Xiaofeng as a non-executive director, effective from July 15, 2024. The appointment of Mr. Cui is subject to the approval of the shareholders at the company's general meeting.
China Air Carriers Likely to See More Muted Recovery -- Market Talk
Air China Set to Be a Key Beneficiary From Further Travel Recovery -- Market Talk
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