Cathay Pacific Lacks Share-Price Catalysts in Near Term -- Market Talk

Dow Jones03-14

0402 GMT - Cathay Pacific has limited share-price catalysts in the near term, Daiwa analysts say as they downgrade the carrier to outperform from buy. Cathay's high passenger and cargo yields are fading as global airlines add more capacity after Covid. Yield normalization in 2023 has been faster than expected, Daiwa's Kelvin Lau and Frank Yip say in a note. They see a high single-digit on-year drop in Cathay's passenger yield in 2024. Passenger yields are a measure of average fare paid per mile, per passenger. Still, Daiwa raises the stock's target to HK$10.50 from HK$10.00 due to improving cash flow and overall profitability. Cathay posted its first annual profit since 2019 when it announced 2023 results on Wednesday. Shares fall 3.4% to HK$8.86. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

March 14, 2024 00:05 ET (04:05 GMT)

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Passenger yields are a measure of average fare paid per mile, per passenger. Still, Daiwa raises the stock's target to HK$10.50 from HK$10.00 due to improving cash flow and overall profitability. Cathay posted its first annual profit since 2019 when it announced 2023 results on Wednesday. Shares fall 3.4% to HK$8.86. (tracy.qu@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 14, 2024 00:05 ET (04:05 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathay Pacific Lacks Share-Price Catalysts in Near Term -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathay Pacific Lacks Share-Price Catalysts in Near Term -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-14 12:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>0402 GMT - Cathay Pacific has limited share-price catalysts in the near term, Daiwa analysts say as they downgrade the carrier to outperform from buy. Cathay's high passenger and cargo yields are ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CPCAY","symbol_name":"国泰航空ADR","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2419761237","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2419761237","pubTimestamp":1710389100,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0402 GMT - Cathay Pacific has limited share-price catalysts in the near term, Daiwa analysts say as they downgrade the carrier to outperform from buy. Cathay's high passenger and cargo yields are fading as global airlines add more capacity after Covid. Yield normalization in 2023 has been faster than expected, Daiwa's Kelvin Lau and Frank Yip say in a note. They see a high single-digit on-year drop in Cathay's passenger yield in 2024. Passenger yields are a measure of average fare paid per mile, per passenger. Still, Daiwa raises the stock's target to HK$10.50 from HK$10.00 due to improving cash flow and overall profitability. Cathay posted its first annual profit since 2019 when it announced 2023 results on Wednesday. Shares fall 3.4% to HK$8.86. 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