Glonghui November 28 | Morgan Stanley published a report. Based on the latest operating situation of Cathay Pacific in the third quarter and Air China's third quarter results, it was decided to increase Cathay Pacific's net profit forecast for 2023-2025 by 1.5%, 1.2%, and 1.7%, respectively. Damo believes that Cathay Pacific will give priority to redemption of preferred shares in 2023 and 2024, and it is unlikely that dividends will be paid to common shareholders this year. In this context, management aims to redeem 50% of preferred shares by the end of 2023 and all by July 2024. Although the bank is optimistic about Cathay Pacific's rising profit cycle, considering that the dividend payment schedule to common shareholders may be delayed, it no longer believes that Cathay Pacific deserves to enjoy a premium over its regional peers. The bank lowered the target price by 12.5% from HK$12 to HK$10.5, and the rating “increased”.
大行评级｜大摩：将国泰航空目标价下调至10.5港元 评级“增持”
Bank Ratings | Tycoon: Lowering Cathay Pacific's target price to HK$10.5 to “increase holdings”
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