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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Cathay Pacific Airways Limited    293   HK0293001514

CATHAY PACIFIC AIRWAYS LIMITED

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Cathay Pacific Airways : Hong Kong, Singapore bubble delay highlights hurdles to travel recovery

11/23/2020 | 03:43am EST
A Cathay Pacific Airways Airbus A350 airplane approaches to land at Changi International Airport in Singapore

SINGAPORE (Reuters) - A delay to Asia's first travel bubble between Hong Kong and Singapore has hit the shares of their flag carriers and highlighted the challenges facing the global travel industry as it tries to rebound from the pandemic.

The arrangement was postponed on Saturday, one day before it was due to launch, after Hong Kong reported a jump in coronavirus cases. Authorities and aviation experts have said the bubble would provide a blueprint for quarantine-free travel before a vaccine is widely available.

"There is no doubt that there are many challenges around it," said Singapore hotelier Marcus Hanna, who had taken bookings from Hong Kong tourists and hopes for similar arrangements with major markets like mainland China and Australia early next year.

"Let's hope that things improve in Hong Kong ... many countries would have been looking to see how it goes," said Hanna, general manager of Fairmont Singapore and Swissotel The Stamford.

Shares of Cathay Pacific fell as much as 6.6% in early Asian trade on Monday, their biggest intraday fall since Aug. 10, before paring some losses to trade 5% lower. Singapore Airlines shares traded 1% lower in a positive local market.

The two airlines have been harder hit by the pandemic than their global peers as they do not have domestic routes to fall back on.

The bubble would have only brought incremental traffic into both cities. But Jefferies analyst Andrew Lee, who covers Cathay Pacific, said for Hong Kong it could serve as a template that could be extended to 10 other countries next year.

Singapore and Hong Kong also set cautious conditions for the bubble, including a suspension if the seven-day moving average of the daily number of unlinked COVID-19 cases exceeded five in either place.

A mooted travel bubble between New Zealand and Australia has also failed to take off, while Europe's Baltic countries of Lithuania, Latvia and Estonia created a short-lived travel bubble in May that burst in September.

"It is important to not let this kill any momentum to open up safely in Asia," Brendan Sobie, an independent aviation analyst, said of the Singapore-Hong Kong setback. "It is hard to get things aligned given the various spikes."

(Reporting by John Geddie and Aradhana Aravindan in Singapore; additional reporting by Jamie Freed in Sydney and Donny Kwok in Hong Kong; Editing by Ana Nicolaci da Costa)

By Aradhana Aravindan and John Geddie


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LIMITED -2.16% 6.78 End-of-day quote.-5.44%
SINGAPORE AIRLINES LIMITED -0.94% 4.2 End-of-day quote.-1.87%
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Financials
Sales 2020 45 497 M 5 869 M 5 869 M
Net income 2020 -19 683 M -2 539 M -2 539 M
Net Debt 2020 53 282 M 6 874 M 6 874 M
P/E ratio 2020 -1,76x
Yield 2020 0,14%
Capitalization 42 357 M 5 464 M 5 464 M
EV / Sales 2020 2,10x
EV / Sales 2021 1,48x
Nbr of Employees 33 000
Free-Float 17,1%
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Technical analysis trends CATHAY PACIFIC AIRWAYS LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 7,87 HKD
Last Close Price 6,58 HKD
Spread / Highest target 42,9%
Spread / Average Target 19,6%
Spread / Lowest Target -4,26%
EPS Revisions
Managers and Directors
NameTitle
Kin Wing Tang Chief Executive Officer & Executive Director
Patrick Healy Chairman
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
Martin James Murray Chief Financial Officer & Executive Director
Merlin Bingham Swire Non-Executive Director
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