该行认为配售价相当于1.2倍2027日历年预测市账率，或6.7倍2027日历年预测市盈率。虽然市场可能对 此作出负面解读，但此项出售很可能是为了调整太古股份在国泰航空的持股。此前，在国泰航空向卡塔 尔航空回购股份前，其持股比例为45%。 里昂发布研报称，太古A(00019)今日(13日)开市前公布，以每股11.74港元配售1.53亿股国泰航空(00293) 股份，作价较昨日收市价折让9.6%。出售完成后，太古股份将持有27.97亿股国泰航空股份，约占已发 行股本45.12%。太古股份将从是次配售收回所得款项净额17.89亿港元，并录得出售收益3.65亿港元。 配售预计不迟于本月17日完成。 ...

该行认为配售价相当于1.2倍2027日历年预测市账率，或6.7倍2027日历年预测市盈率。虽然市场可能对 此作出负面解读，但此项出售很可能是为了调整太古股份在国泰航空的持股。此前，在国泰航空向卡塔 尔航空回购股份前，其持股比例为45%。 智通财经APP获悉，里昂发布研报称，太古A(00019)今日(13日)开市前公布，以每股11.74港元配售1.53 亿股国泰航空(00293)股份，作价较昨日收市价折让9.6%。出售完成后，太古股份将持有27.97亿股国泰 航空股份，约占已发行股本45.12%。太古股份将从是次配售收回所得款项净额17.89亿港元，并录得出 售收益3.65亿港元。配售预计不迟于本月17日完成。 ...

消息面上，太古公布，配售国泰航空1.53亿股股分，相当于国泰股份总数约2.52%；每股配售价11.74港元，较国泰昨日收市 价12.99港元折让9.62%，涉资17.97亿港元，净额17.89亿港元，将用作一般营运资金用途。 太古预期就配售事项录得约3.65亿港元收益，并指透过配售事项筹集资金对公司具有裨益，将可增加其营运资金、进一步强 化其资产负债表及提高其财务灵活性，强调对国泰保持信心及坚定承诺。 太古称，此次配售事项将使公司于国泰的持股回到国泰向Qatar Airways Group进行场外股份回购完成前的历史水平。配售事 项完成后，公司于国泰权益由47.64%降至约45.12%。 3月13日，港股市场国泰航空(0293.HK)盘中一度跌4.7%，报12.38港元，截至目前成交额放大至超20亿港元。 责任编辑：栎树 港股频道更多独家策划、专家专栏，免费查阅>> ...

Core Viewpoint - Cathay Pacific Airways (0293.HK) experienced a significant drop of 4.7% in its stock price, trading at HKD 12.38, with trading volume exceeding HKD 2 billion following the announcement of a share placement by Swire Group [1] Group 1: Share Placement Details - Swire Group announced the placement of 153 million shares of Cathay Pacific, representing approximately 2.52% of the total shares [1] - The placement price is set at HKD 11.74 per share, reflecting a discount of 9.62% compared to the previous closing price of HKD 12.99, with total funds involved amounting to HKD 1.797 billion [1] - The net proceeds from the placement are expected to be HKD 1.789 billion, which will be used for general working capital purposes [1] Group 2: Financial Implications - Swire anticipates a gain of approximately HKD 365 million from the placement and emphasizes that raising funds through this method will benefit the company by increasing its working capital, strengthening its balance sheet, and enhancing financial flexibility [1] - Following the completion of the placement, Swire's ownership in Cathay Pacific will decrease from 47.64% to approximately 45.12% [1]

公司认为透过配售事项筹集资金对公司具有裨益，将可增加其营运资金、进一步强化其资产负债表及提 高其财务灵活性。 【财华社讯】太古股份公司Ａ(00019.HK)公布，于2026年3月12日，公司拟透过配售代理按每股11.74港 元配售国泰航空(00293.HK)约1.53亿股份，相当于已发行国泰航空股份(不包括库存国泰航空股份)总数 约2.52%。配售价相当于国泰航空股份于2026年3月12日(即配售协议订立日期)于联交所所报收市价每股 12.99港元折让约9.6%。 预期公司将从配售事项获得的所得款项净额(经扣除相关费用及开支后)约为17.89亿港元。公司拟将配售 事项所得款项净额用作一般营运资金用途。集团预期就配售事项录得约3.65亿港元收益。于配售事项完 成后，公司将于已发行国泰航空股份总数(不包括库存国泰航空股份)中拥有约45.12%权益。 太古股份公司Ａ今日早间开盘后一度张超6%，截至发稿，涨5.68%，报87.45港元；国泰航空跌2.85%， 报12.62港元。 本文源自：财华网 ...

格隆汇3月13日｜中东局势引致航空燃油价格大涨，国泰航空尽管有30%原油进行对冲，仍宣布将客运 燃油附加费上调超过一倍，下周三起生效。其中，短途航班的客运燃油附加费将由142港元上调至290港 元，加幅1.04倍；中程航班由264港元调高至541港元、长途航班由569港元增至1164港元，加幅均接近 1.05倍。国泰表示，会定期检视燃油附加费水平，并密切留意航空燃油价格走势。 ...

Group 1 - Cathay Pacific Airways (00293) opened down 3% and is currently trading at HKD 12.6 with a transaction volume of HKD 1.8 billion [1] - Swire Pacific announced a placement of 2.52% of Cathay Pacific's shares, totaling 153 million shares, at a price of HKD 11.74 per share, representing a discount of approximately 9.6% from the closing price on March 12 [1] - The net proceeds from the placement are expected to be around HKD 17.89 billion, which will be used for general working capital purposes, and the company anticipates a gain of approximately HKD 3.65 billion from the placement [1] Group 2 - Cathay Pacific announced an increase in passenger fuel surcharges effective March 18, with increases exceeding 100% for short, medium, and long-haul flights [1] - The new surcharges will raise short-haul flights from HKD 142 to HKD 290, medium-haul from HKD 264 to HKD 541, and long-haul from HKD 569 to HKD 1,164 [1] - The airline stated that the increase in fuel surcharges is due to a nearly 100% rise in aviation fuel prices since March, influenced by recent developments in the Middle East [1] Group 3 - Bank of America Securities maintained a "underperform" rating on Cathay Pacific, indicating that the margins related to passenger and fuel have not yet been reflected in the stock price [1] - The target price set by Bank of America for Cathay Pacific is HKD 10.9 [1]

Core Viewpoint - Swire Pacific Limited has announced a placement agreement to sell approximately 153 million shares of Cathay Pacific Airways at a price of HKD 11.74 per share, representing a discount of about 9.6% from the market price on the agreement date [1][2] Group 1 - The placement will result in Swire Pacific's ownership in Cathay Pacific reducing from approximately 47.64% to about 45.12% of the total issued shares, assuming no changes in the total number of shares [2] - The net proceeds from the placement are expected to be approximately HKD 1.789 billion, which will be used for general working capital purposes [1] - The placement is intended to restore the company's shareholding in Cathay Pacific to historical levels prior to the share buyback by Qatar Airways Group [2]

Core Insights - Cathay Pacific reported a net profit of HKD 10.828 billion for 2025, a year-on-year increase of 9.5%, driven by increased capacity, stable passenger volume, and strong cargo demand [1][3] Financial Performance - The airline's passenger revenue reached HKD 72.454 billion, up 15.8% year-on-year, while cargo revenue was HKD 24.279 billion, a 1.2% increase [3] - The group's subsidiary, Hong Kong Express, reported a passenger revenue of HKD 6.394 billion, growing by 6.7% [3] - However, revenue yield declined across the board, with Cathay Pacific's yield down 10.3%, cargo yield down 4.6%, and Hong Kong Express down 15.3% [3] - Hong Kong Express incurred a loss of HKD 999.6 million, with factors such as changing customer preferences and operational challenges impacting profitability [3] Operational Challenges - The average fuel price has surged approximately twofold since early 2023, significantly impacting operational costs [5][6] - Cathay Pacific's fuel consumption increased by 18.8% year-on-year, and the company is implementing a fuel hedging strategy to mitigate price risks [6][7] Strategic Initiatives - Cathay Pacific plans to enhance its investment in the Chinese mainland, expanding its route network and upgrading service offerings [7][8] - The group aims to diversify its route network, particularly in mainland China and Southeast Asia, to reduce reliance on single routes [4] - Cathay Pacific is set to introduce over 100 new aircraft, with significant investments exceeding HKD 100 billion planned for fleet expansion [8] Market Positioning - The group has increased its presence in the Greater Bay Area, with nearly one-third of its revenue now coming from this region [4][8] - Cathay Pacific is focusing on enhancing customer experience by incorporating more Chinese elements into its in-flight services [7][8]

Core Viewpoint - Cathay Pacific has achieved a net profit of HKD 10.828 billion for the fiscal year 2025, marking a 9.5% year-on-year increase, driven by increased capacity, stable passenger volume, and strong cargo demand [1][3] Financial Performance - The group recorded a profit attributable to shareholders of HKD 9.996 billion [3] - Passenger revenue reached HKD 72.454 billion, up 15.8% year-on-year [3] - Cargo revenue was HKD 24.279 billion, reflecting a 1.2% increase [3] - Hong Kong Express, a wholly-owned subsidiary, reported passenger revenue of HKD 6.394 billion, a 6.7% increase [3] - However, revenue yield declined across the board: Cathay Pacific down 10.3%, cargo down 4.6%, and Hong Kong Express down 15.3% [3] - Hong Kong Express incurred a loss of HKD 999.6 million, widening from previous losses [3] Operational Challenges - The rise in oil prices due to geopolitical tensions has significantly impacted operational costs, with fuel prices increasing approximately twofold since January [6][8] - The group plans to maintain a fuel hedging mechanism, with a hedging ratio of 30% for the current year [8] - The suspension of certain Middle Eastern routes due to geopolitical issues has led to increased demand for flights from Hong Kong to Europe [6][8] Strategic Initiatives - Cathay Pacific plans to increase investment in the Chinese mainland, expanding its route network and upgrading service offerings [1][9] - The group added five new destinations in 2025, increasing its total to 24 in mainland China [9] - Hong Kong Express aims to diversify its route network, particularly in mainland China and Southeast Asia, to reduce reliance on single routes [5] Fleet Expansion - The group is set to invest over HKD 100 billion, with plans to introduce more than 100 new aircraft in the coming years [10] - The first new generation long-haul aircraft, Boeing 777-9, is expected to be delivered in 2027 [10] Future Outlook - The group has reported profits exceeding HKD 30 billion for three consecutive years since 2023, marking a significant recovery from previous losses [11] - 2026 is identified as a pivotal year for the group, marking the beginning of a new five-year plan [11]