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2026-04-20 11:04:57 HSBC Research issued a report stating that Cathay Pacific Airways (00293.HK) recorded strong passenger demand in March, benefiting from premium cabin demand, short-haul leisure travel and rerouted traffic from Middle East routes. The group (including HK Express) reported revenue passenger kilometers (RPK) growth of 22% YoY, while available seat kilometers (ASK) increased 10% YoY, lifting passenger load factor (PLF) by 9 ppts to 91%. However, the broker noted that persistently rising jet fuel prices continue to squeeze margins, and even with higher fuel surcharges, the impact cannot be fully offset. Looking ahead, management expects passenger demand in April to remain strong, supported by Easter holidays and long-haul transit traffic via Hong Kong. Demand for long-haul trunk cargo routes also remains healthy. Nevertheless, amid cost pressures, the group will reduce flight frequencies by 2% for Cathay Pacific and 6% for HK Express from mid-May to June. HSBC Research maintained its Buy rating on Cathay Pacific, with an unchanged TP of HKD16. (hc/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |