J.P. Morgan Chase published a report stating that since Cathay Pacific's cargo exposure was higher than that of its peers, it was added to the positive catalyst watch list to benefit from the mainland's tight fleet capacity, continued cross-border e-commerce boom, and sea-air cargo spillover demand brought about by customers looking for alternatives during the Red Sea crisis. Motong raised Cathay Pacific's net profit forecast for the 2023-2024 fiscal year by about 5%, about 10% higher than the market forecast, and raised the target price of HK$11 slightly to HK$11.2. The rating is “increased”. The current valuation is equivalent to 0.9 times the forecast market account ratio for fiscal year 2024, which is 1 times lower than the long-term average. Recent catalysts include profit beating expectations in the second half of last year; resuming regular dividend payments; and a further surge in freight rates after the Lunar New Year holiday if the Red Sea crisis is not resolved.