TC

19/11/2019 17:32

{I-bank focus}Goldman cuts Cathay Pacific (00293) to HK$12.7

   Goldman Sachs lowered its target price for Cathay Pacific (00293) to HK$12.7 from HK$13.9 due to the heightened earnings uncertainty and maintained its "buy" rating.
  The research house said Cathay's 3Q analyst briefing update was downbeat, as the company has experienced weak passenger demand, particularly inbound to Hong Kong, with yield under "intense pressure".
  The only mild bright spot is moderation of weakness in its cargo business, as the industry enters into the traditional peak season. While the soft demand backdrop looks set to continue, at least in the near term, Cathay is looking to at least partially address this through cost reduction, trimming capacity growth, as well as stimulation of transit demand through Hong Kong.

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