Lyon: Raised Cathay Pacific Airways (00293) target price to HK$10.1, downgraded rating to "hold"
Lion Air raised Cathay Pacific's profit forecast for the 2024 to 2025 fiscal year by 22% and 9%.
Lyon released a research report stating that due to an increase in freight revenue and a decrease in fuel costs, CATHAY PAC AIR (00293) may report higher profits in the second half of the year compared to the first half. The company is also expected to receive a one-time income of approximately 500 million yuan. The bank has raised CATHAY PAC AIR's profit forecast for the 2024-2025 fiscal years by 22% and 9%, but expects profits to peak in the 2025 fiscal year and then decrease by 4% in the 2026 fiscal year. The target price for Cathay Pacific has been raised from 9.2 Hong Kong dollars to 10.1 Hong Kong dollars, but due to a decrease in total shareholder returns, the rating has been downgraded from "outperform" to "hold".
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