UBS: CATHAY PAC AIR (00293) Share Buyback from Qatar Airways Likely to Draw Positive Market Response, Target Price HK$12.2

Stock News11-06

UBS released a research report stating that CATHAY PAC AIR (00293) has announced plans to repurchase all shares held by Qatar Airways, pending approval from at least 75% of independent shareholders, regulatory clearance, and an exemption from a mandatory general offer. UBS maintains a "Buy" rating on CATHAY PAC AIR with a target price of HK$12.2.

The report notes that Qatar Airways holds a 9.6% stake in CATHAY PAC AIR's issued shares, with the buyback price set at HK$10.8 per share, representing a 4% discount to the closing price on November 5. Assuming the repurchased shares are canceled, earnings per share (EPS), dividends per share, and book value per share would increase by approximately 11%, effectively enhancing shareholder returns.

Based on UBS's 2025 net profit forecast and a 50% dividend payout ratio assumption, dividends per share would rise from HK$0.66 to HK$0.73, yielding a dividend return of 6.5%. The off-market share repurchase will also allow Qatar Airways to exit its position in an orderly manner, avoiding market volatility. UBS expects the market to react positively to this share buyback announcement.

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