大行评级丨美银：维持国泰航空“跑输大市”评级，预期燃油成本飙升风险尚未反映

Core Viewpoint - Bank of America Securities reports that Cathay Pacific's net profit for 2025 exceeds market consensus, primarily due to a one-time settlement gain from Hong Kong Aircraft Engineering Company (HAECO) and a decrease in interest costs from last year's rate cuts [1] Group 1: Financial Performance - The unit revenue and unit cost are generally in line with Bank of America's expectations [1] - The target is to achieve a 10% growth in passenger capacity by 2026 [1] Group 2: Business Outlook - The cargo business has had a good start in the first two months of 2026 [1] - Rising fuel costs present risks, with approximately 30% of Brent crude oil usage for Q1 2026 already hedged [1] Group 3: Investment Rating - Bank of America maintains a "underperform" rating for Cathay Pacific, believing that the spread risks in passenger and fuel aspects have not yet been reflected in the stock price [1] - The target price is set at HKD 10.9 [1]