Morgan Stanley released a research report stating that CATHAY PAC AIR (00293) saw its revenue passenger kilometers increase by 25.8% year-on-year in November, while available seat kilometers rose by 21.3% year-on-year, both reaching 78% of 2018 levels. Passenger demand remains strong, with passenger load factor showing significant year-on-year growth, and cargo remains robust. It has set a Target Price of 8.1 HKD with a "Market Perform" rating.

The bank stated that CATHAY PAC AIR is expected to have strong performance in the second half of the year, mainly benefiting from strong cargo demand and lower RBOB Gasoline prices, although the normalization of passenger yield due to ongoing capacity recovery will partially offset this impact.