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<Research>BNP Paribas Rates CATHAY PAC AIR at Outperform w/ TP HKD13.1, Anticipates Valuation to Be Reassessed
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CATHAY PAC AIR (00293.HK) recently announced its full-year results for the year ended December 2025, with a recurring net profit of HKD9.565 billion, a figure already excluding one-off items such as a reversal of impairment of HKD385 million, according to a BNP Paribas research report. It is estimated that CATHAY PAC AIR's recurring net profit for 2H25 was HKD5.914 billion, 9% higher than BNP Paribas' forecast of HKD5.417 billion. The broker attributed the forecast-beating earnings to better-than-expected cargo yield performance, which was sufficient to offset the worse-than-expected earnings of its subsidiary, HK Express. CATHAY PAC AIR is currently trading at an EV/EBITDA of around 5.1x, which is still significantly lower than the 2019 average of around 5.9x. BNP Paribas believes that the market hasn't fully recognized CATHAY PAC AIR's post-pandemic improvement in profitability, and that the airline's valuation will be reassessed. BNP Paribas has given CATHAY PAC AIR an Outperform rating and a target price of HKD13.1. AAStocks Financial News |
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