Morgan Stanley: Cathay Pacific's September Passenger Demand Rebounds, Maintains "Overweight" Rating

Deep News10-23

Morgan Stanley has released a research report maintaining its "Overweight" rating on Cathay Pacific Airways Ltd (00293).

The bank noted that Cathay Pacific Airways Ltd (00293)'s September passenger revenue passenger kilometers recorded a rebound alongside capacity expansion, with a load factor of 84.2%, remaining resilient and rising 1.9 percentage points year-on-year.

Hong Kong Express's revenue passenger kilometers rose only 2.2% year-on-year, while its load factor declined 5.2 percentage points year-on-year to 67.5%, mainly affected by fuel inflation pushing up ticket prices and regional competition.

Morgan Stanley stated that Cathay Pacific Airways Ltd (00293) benefited from long-haul student traffic ahead of the new school year, leisure demand driven by holiday effects, and momentum in business and premium leisure travel.

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