客运收益率

Search documents
大行评级|大摩:下调国泰航空目标价至10.8港元 维持“与大市同步”评级
Ge Long Hui· 2025-08-08 06:14
Core Viewpoint - Morgan Stanley has revised down its net profit forecasts for Cathay Pacific for 2025 to 2027 by 7%, 5%, and 7% respectively, primarily due to a reduction in passenger yield forecasts, partially offset by improvements in cost control [1] Group 1: Financial Performance - The downward revision in net profit forecasts reflects a decrease in passenger yield expectations [1] - Capital expenditure forecasts have been increased [1] Group 2: Market Conditions - If demand for routes to Japan and Thailand recovers better than expected, it could support yield performance and lead to a more positive outlook [1] - The outlook for US-China trade is a variable that may impact cargo business momentum [1] Group 3: Cost Considerations - Fuel costs account for approximately 30% of Cathay Pacific's total costs, making oil price trends a significant observation indicator [1] Group 4: Rating and Target Price - In light of operational uncertainties, Morgan Stanley maintains a "market perform" rating for Cathay Pacific, with a target price reduced from HKD 12.1 to HKD 10.8 [1] - A 7% dividend yield may help limit downside risks [1]
国泰航空上半年再赚37亿港元:运力、客运量双增长 收益率承压
Bei Jing Shang Bao· 2025-08-06 13:33
Core Viewpoint - Cathay Pacific's financial performance in the first half of 2025 shows a net profit of HKD 3.7 billion, a 1.1% increase year-on-year, driven by growth in passenger capacity and volume, resilient cargo operations, and lower fuel costs, despite a decline in passenger yield due to increased global capacity [3][6]. Group 1: Financial Performance - Cathay Pacific's passenger revenue reached HKD 34.208 billion, a 14% year-on-year increase, with both passenger capacity and volume showing growth [1][3]. - The group reported a net profit of HKD 3.7 billion for the first half of 2025, reflecting a 1.1% increase compared to the previous year [3]. - The overall passenger yield decreased by 12.3%, with the Americas region experiencing the largest drop of 17.5% [6]. Group 2: Capacity and Volume - Available seat kilometers (ASK) increased by 26.3%, while revenue passenger kilometers (RPK) grew by 30% [2][4]. - The total number of passengers carried was 13.6 million, averaging 75,300 passengers per day, representing a 27.8% year-on-year increase [6]. - Load factor improved to 84.8%, up from 82.4% in the same period last year, with significant increases in North Asia, Southeast Asia, and South Asia, Middle East, and Africa regions [6]. Group 3: Subsidiary Performance - Cathay Pacific's low-cost subsidiary, Hong Kong Express, reported a loss of HKD 524 million, compared to a profit of HKD 66 million in the previous year [8][9]. - Hong Kong Express carried 3.8 million passengers, with a load factor of 78.9%, down from 85% in the previous year, and a revenue yield decline of 21.6% [8][9]. - The loss was attributed to reduced travel to traditional destinations like Japan due to earthquake rumors and the time required to cultivate new routes [9]. Group 4: Future Outlook - The management expressed optimism for maintaining stable annual performance over three consecutive years, contingent on oil prices and global trends [3][7]. - Cathay Pacific announced an additional order for 14 Boeing 777-9 aircraft, increasing the total order to 35, indicating confidence in future travel demand [7].
国泰航空上半年再赚37亿港元:运力、客运量双增长,收益率承压
Bei Jing Shang Bao· 2025-08-06 13:24
Core Viewpoint - Cathay Pacific reported a net profit of HKD 3.7 billion for the first half of 2025, a year-on-year increase of 1.1%, driven by growth in passenger capacity and volume, resilient cargo operations, and lower fuel costs [1][3][4] Financial Performance - The group's revenue for the first half of 2025 was HKD 54.309 billion, up 9.5% from HKD 49.604 billion in the same period of 2024 [4] - Earnings per share increased by 8.2% to HKD 56.7, compared to HKD 52.4 in the previous year [4] - Passenger revenue reached HKD 34.208 billion, a 14% increase year-on-year, with both passenger capacity and volume showing growth [3][4] Capacity and Demand - Available seat kilometers (ASK) increased by 26.3%, while revenue passenger kilometers (RPK) grew by 30% [4] - The number of passengers carried in the first half of 2025 was 13.6 million, averaging 75,300 passengers per day, a 27.8% increase year-on-year [7] - Load factor improved to 84.8%, up from 82.4% in the first half of 2024, with significant increases in North Asia, Southeast Asia, and South Asia [7] Yield and Challenges - Overall yield declined by 12.3%, with the Americas region experiencing the largest drop of 17.5% [7] - The decline in yield is attributed to increased market capacity and a shift in passenger composition as more transit travelers are expected as capacity recovers [7][8] Subsidiary Performance - Cathay's low-cost subsidiary, Hong Kong Express, reported a loss of HKD 524 million, compared to a profit of HKD 66 million in the same period of 2024 [9] - Hong Kong Express carried 3.8 million passengers, with a load factor of 78.9%, down from 85% in the previous year [9][10] Future Outlook - The management expressed optimism for the second half of 2025, anticipating strong passenger demand despite potential impacts from oil prices and global trends [1][8] - Cathay Pacific announced an additional order for 14 Boeing 777-9 aircraft, increasing its total order to 35, indicating confidence in future demand [8]
大摩:国泰航空上半年业绩未达市场高预期 评级“与大市同步”
Zhi Tong Cai Jing· 2025-08-06 08:52
Group 1 - Morgan Stanley reports that Cathay Pacific's (00293) passenger yield is below expectations due to the normalization of long-haul route yields and intensified competition on short-haul routes, despite strong demand for business class and a year-on-year increase in passenger load factor [1] - 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 of HKD 12.1 [1] Group 2 - Cathay Pacific reported a net profit attributable to ordinary shareholders of HKD 3.65 billion for the first half of 2025, representing a year-on-year increase of 8.3% [1] - Operating profit for the first half was HKD 5.9 billion, unchanged from the same period last year but below market expectations of HKD 6.6 billion [1] - The diluted earnings per share increased by 16.6% year-on-year due to the impact of convertible bond repurchases [1] Group 3 - Total revenue for the first half reached HKD 54.3 billion, a year-on-year increase of 9.5% [1] - Operating cash flow for the first half was HKD 11.2 billion, compared to HKD 10.6 billion in the same period of 2024 [1] - As of June 2025, the group had available liquid funds of HKD 21.5 billion [1] Group 4 - The interim dividend remains at HKD 0.2 per share, unchanged year-on-year [1] - Based on the closing price before the announcement, the dividend yield is 1.7% [1]