智通财经网·2025-11-06 09:31Core Viewpoint - UBS reports that Cathay Pacific (00293) plans to repurchase all shares held by Qatar Airways, pending approval from at least 75% of independent shareholders, the Securities and Futures Commission, and a waiver for mandatory general offer [1] Group 1: Share Repurchase Details - Qatar Airways currently holds 9.6% of Cathay Pacific's issued shares, with a repurchase price set at HKD 10.8 per share, representing a discount of approximately 4% compared to the closing price on November 5 [1] - The repurchase is expected to enhance earnings per share, dividends per share, and book value per share by approximately 11% if the repurchased shares are canceled, effectively improving shareholder returns [1] Group 2: Financial Projections - Based on UBS's net profit forecast for 2025 and an assumed 50% payout ratio, the dividend per share is projected to increase from HKD 0.66 to HKD 0.73, resulting in a dividend yield of 6.5% [1] Group 3: Market Reaction - UBS anticipates a positive market reaction to the announcement of the off-market share repurchase, which will also allow Qatar Airways to exit in an orderly manner, mitigating market volatility [1]