Ge Long Hui·2025-08-07 03:32Core Viewpoint - Morgan Stanley's research report indicates that Cathay Pacific's performance in the first half of the year fell short of market expectations, primarily due to a 12% year-on-year decline in passenger yield, alongside rising operating costs and competitive pressures, similar to Singapore Airlines, highlighting challenges faced by high-end full-service airlines in Asia [1] Summary by Category Financial Performance - Cathay Pacific's operating cash flow remained strong in the first half of the year, with its debt ratio remaining almost unchanged [1] - The company slightly reduced its dividend payout [1] Market Outlook - Morgan Stanley has revised its forecasts for Cathay Pacific for the fiscal years 2025 to 2027, lowering them by 5% to 8% compared to market consensus [1] - The rating for Cathay Pacific has been downgraded from "Neutral" to "Underweight" [1]