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    293   HK0293001514

CATHAY PACIFIC AIRWAYS LIMITED

(293)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 12/08
6.49 HKD   -0.15%
12/07HKTDC : Three online expos and forum conclude successfully
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12/01CATHAY PACIFIC AIRWAYS : Analyst Briefing 1 December 2021
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12/01Global airlines prepare for Omicron volatility, agility will be key
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Cathay Pacific Airways : New Hong Kong carrier Greater Bay Airlines granted air operator's certificate

10/09/2021 | 02:03am EST

(Reuters) - Hong Kong startup Greater Bay Airlines said on Saturday it had received an air operator's certificate, a key step in the process toward launching commercial flights.

The airline, which still needs an air transport licence for commercial flights, plans to start operations with three leased Boeing Co 737-800 planes, the company said in a statement.

It hopes to have seven planes in service by the end of 2022 and more than 30 by 2026, subject to market conditions, the company added.

Greater Bay Airlines will be competing against the financial centre's dominant carrier, Cathay Pacific Airways Ltd and the far smaller Hong Kong Airlines.

Passenger travel to and from Hong Kong has ground to a near-halt during the pandemic because of requirements for up to three weeks of quarantine on arrival as the city pursues as COVID-19 elimination strategy that it hopes will allow for two-way travel with mainland China.

Passenger traffic at Hong Kong International Airport in August was only at 4% of 2019 levels, according to airport statistics.

Greater Bay Airlines said it had applied for rights to operate to 104 destinations across the region, including mainland China, North Asia and Southeast Asia subject to a recovery in market conditions.

The airline, which describes itself as a "value carrier" said it was too early to provide a date for its first commercial flights. Any charter flights would also be subject to regulatory approval, it added.

Greater Bay Airlines is led by chief executive Algernon Yau, who headed Cathay's regional airline Cathay Dragon before it was closed as part of a restructuring plan last year.

(Reporting by Jamie Freed in Sydney. Editing by Gerry Doyle)


ę Reuters 2021
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Analyst Recommendations on CATHAY PACIFIC AIRWAYS LIMITED
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Financials
Sales 2021 39 736 M 5 097 M 5 097 M
Net income 2021 -12 035 M -1 544 M -1 544 M
Net Debt 2021 65 427 M 8 392 M 8 392 M
P/E ratio 2021 -3,65x
Yield 2021 -
Capitalization 42 421 M 5 441 M 5 441 M
EV / Sales 2021 2,71x
EV / Sales 2022 1,49x
Nbr of Employees 23 100
Free-Float 15,0%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 6,49 HKD
Average target price 7,08 HKD
Spread / Average Target 9,06%
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Managers and Directors
Kin Wing Tang Chief Executive Officer & Executive Director
Rebecca Sharpe Chief Financial Officer & Executive Director
Patrick Healy Chairman
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
John Barrie Harrison Independent Non-Executive Director
Sector and Competitors