[ET Net News Agency, 21 July 2020] Credit Suisse cut its target price for Cathay
Pacific Airways (CX)(00293) to HK$6.5 from HK$7 but upgraded its rating to "neutral" from
"underperform" as valuation is already trading at a trough level of 0.5x P/B.
The research house said CX's net loss (from a profit warning) was in-line at HK$7.5bn,
excluding a HK$2.4bn impairment charge (on 16 aircraft that would not be serving until
summer 2021).
Credit Suisse said the pace of capacity resumption has slowed, targeting 7% of the
normal level in July (previously 9.4%), and 10% in August. Near term, the recent outbreak
in Hong Kong is likely to delay the recovery and remains an uncertainty.
Factoring in slower recovery and new cost assumption, Credit Suisse cut its earnings by
12/23% for FY2020/21. (KL)
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00293 CATHAY PAC AIR
Nominal 
8.200 -0.010 (-0.122%) Research Report
21/07/2020 11:13
{I-bank focus}Credit Suisse cuts Cathay Pacific to HK$6.5
| Remark: | Real time quote last updated: 25/04/2024 14:04 |
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