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01055 CHINA SOUTH AIR
RTNominal up2.810 +0.040 (+1.444%)
Research Report

08/04/2021 16:03

{I-bank focus}BOCOM raises CSA (01055) to HK$6.58

[ET Net News Agency, 8 April 2021] BOCOM International raised its target price for
China Southern Airlines (01055) to HK$6.58 from HK$5.69 and maintained its "buy" rating.
With jet fuel prices having rebounded > 140% YoY, the research house expects fuel prices
to continue to rise as global economic activity picks up across 2021. It expects
CSA's jet fuel costs to reach 2019 levels by 2H21, assuming rising fuel prices and 100%
recovery in flight volume.
Due to rising airfares across the board in 2021, the research house expects overall
passenger yield to rebound 15-20% YoY in 1H21. CSA remains its top pick among the key
three carriers given its (1) leading domestic network, (2) fast-growth GBA plans, and (3)
strong cost control. (RC)

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