Zhi Tong Cai Jing·2025-08-07 02:08Group 1 - Cathay Pacific Airways (00293) experienced a decline of over 3%, with a significant drop of more than 9% the previous day, currently trading at HKD 10.49 with a transaction volume of HKD 162 million [1] - The company reported a mid-year performance for 2025, with total revenue of HKD 54.309 billion, representing a year-on-year increase of 9.5%, and a net profit attributable to shareholders of HKD 3.651 billion, up 1.1% [1] - The interim dividend declared is HKD 0.20 per share [1] Group 2 - Cathay Pacific announced the exercise of a purchase option under a 2013 subscription agreement to acquire 14 Boeing 777-9 aircraft, with a basic price of approximately USD 8.1 billion, equivalent to about HKD 63.2 billion, expecting a lower actual cost due to significant discounts from the manufacturer [1] - Morgan Stanley's report indicated that the net profit attributable to ordinary shareholders for the first half of the year increased by 8.3% year-on-year, while operating profit remained flat at HKD 5.9 billion, below market expectations of HKD 6.6 billion [1] - The passenger yield was below expectations, primarily due to the normalization of long-haul route yields and increased competition on short-haul routes, despite strong demand in business class and an increase in passenger load factor year-on-year [1] Group 3 - The market generally anticipates a year-on-year decline in net profit for the full year of 2025, but Morgan Stanley believes the downside risk is limited [1] - The rating is "in line with the market," with a target price set at HKD 12.1 [1]