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<Research>BofAS Expects CATHAY PAC AIR Fuel Cost Spike Risk Not Priced in, Maintains Underperform
Recommend 3 Positive 2 Negative 9 |
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CATHAY PAC AIR (00293.HK) is predicted to excel market consensus in 2025 net profit, on the ride of one-time settlement gains from HAECO with unit revenue and unit costs coming in broadly in-line with BofA Securities' estimation. Cathay aims to achieve a 10% passenger capacity growth by 2026 and notes a solid start for its cargo business in 2M26. However, it acknowledges the risk posed by surging fuel costs, with approximately 30% of its Brent oil consumption for 1Q26 hedged. BofA Securities maintained an Underperform rating on Cathay, believing that the spreads in passenger capacity and fuel aspects have not yet been priced in. It set a target price of HKD10.9. AASTOCKS Financial News Website: www.aastocks.com |
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