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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Cathay Pacific Airways Ltd    0293   HK0293001514

CATHAY PACIFIC AIRWAYS LTD

(0293)
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End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 09/20
10.12 HKD   -1.36%
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Hong Kong unions urge Cathay Pacific to end 'white terror'

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08/23/2019 | 04:30am EDT
FILE PHOTO: A Cathay Pacific Boeing 777 plane lands at Hong Kong airport after it reopened following clashes between police and protesters

HONG KONG (Reuters) - Cathay Pacific Airways, which is caught in the crosswinds between authorities in Beijing and anti-government protesters in Hong Kong, must put an end to "all forms of white terror", trade unions in the Chinese-ruled city said on Friday.

The carrier has become the biggest corporate casualty of the protests after China demanded it suspend staff involved in, or who support, the demonstrations that have plunged the former British colony into a political crisis.

The Hong Kong Confederation of Trade Unions (HKCTU) called a news conference after the sudden dismissal of Rebecca Sy, the head of Cathay Dragon's Airlines Flight Attendants' Association, after a 17-year career.

Sy said she was fired, without explanation, after managers saw and confirmed her Facebook account. HKCTU said 14 people have been fired so far over the protests, and called Sy's dismissal a "blatant act of suppression".

"All the employees are being frightened, not just cabin crews, but even the management," Sy said. "My colleagues are all terrified because of its white terror."

White terror is a common expression to describe anonymous acts that create a climate of fear.

Cathay Pacific said in a statement Sy's departure had nothing to do with her union leadership role or her union activities.

"Whilst we cannot comment on individual cases, when deciding whether to terminate an employee, we take into account all relevant circumstances including applicable regulatory requirements and the employee's ability to perform his/her job," the company said.

Shares of the airline were down more than 1%, lagging a 0.6% gain in the benchmark Hang Seng.

The Airport Authority said two employees had been terminated after "completion of internal procedures." It did not elaborate.

Sy's departure follows last week's shock resignation of Chief Executive Rupert Hogg, the highest-profile corporate casualty of the unrest.

Cathay pilots and cabin crew have described a campaign of political denunciations, sackings and telephone searches by Chinese aviation officials.

Recent weeks have been extremely challenging for its employees, the Hong Kong carrier, which is 30% owned by Air China, said ahead of Friday's news conference.

"We thank all our dedicated staff who are committed to serving our customers in a professional manner," said James Tong, its director of corporate affairs.

The demonstrations, which have occasionally shut the airport and businesses in the Asian financial hub, still have broad support, despite some violent clashes between police and protesters.

HKCTU said "white terror" loomed for the entire aviation industry, and it demanded that Sy be immediately reinstated.

Walking a tightrope between the protests and political masters in Beijing, many Hong Kong firms are opting to toe the Communist Party line to avoid potential repercussions following the experience of Cathay Pacific Airways.

(Additional reporting by Twinnie Siu and Noah Sin in HONG KONG and Jamie Freed in Singapore; Editing by Clarence Fernandez and Darren Schuettler)

By Donny Kwok and Anne Marie Roantree

Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LTD. 0.00% 8.47 End-of-day quote.10.86%
CATHAY PACIFIC AIRWAYS LTD -1.36% 10.12 End-of-day quote.-8.83%
HANG SENG -0.21% 26432.86 Real-time Quote.2.27%
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Financials (HKD)
Sales 2019 109 B
EBIT 2019 4 909 M
Net income 2019 3 408 M
Debt 2019 70 937 M
Yield 2019 3,14%
P/E ratio 2019 12,1x
P/E ratio 2020 9,48x
EV / Sales2019 1,02x
EV / Sales2020 0,98x
Capitalization 39 811 M
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Technical analysis trends CATHAY PACIFIC AIRWAYS LTD
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 12,57  HKD
Last Close Price 10,12  HKD
Spread / Highest target 72,9%
Spread / Average Target 24,2%
Spread / Lowest Target -40,7%
EPS Revisions
Managers
NameTitle
Rupert Hogg Chief Executive Officer & Executive Director
John Robert Slosar Chairman
Gregory Thomas Forrest Hughes Director, COO & Chief Service Delivery Officer
Martin James Murray Chief Financial Officer & Executive Director
Kwok Leung Chu Non-Executive Director
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