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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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Japan's ANA to raise $3.2 billion in shares to fund 787 jet purchases

11/27/2020 | 05:02am EST
FILE PHOTO: The logo of All Nippon Airways (ANA) is seen at Tokyo International Airport

TOKYO (Reuters) - Japan's biggest airline ANA Holdings said on Friday it will issue new shares to raise $3.2 billion, much of which will be used to fund its orders of fuel-efficient Boeing 787 Dreamliner jets.

Like other big global airlines ANA has been making cost cuts, including pay reductions, to cope with a coronavirus-driven travel slump.

But while many other airlines have been deferring widebodied plane deliveries to safeguard their finances, ANA has opted to stick with its pre-pandemic 787 orders from Boeing.

It says the 787, which is smaller than other widebody models, will be a cost effective alternative to bigger planes that may struggle to make money even after the coronavirus crisis ends.

"On routes to Europe and the United States we flew the Boeing 777, but after the coronavirus, rather than 777 capacity, the 787 is going to be a better size," ANA Senior Vice President Kimihiro Nakahori said at a press briefing.

In February the airline, which was the launch customer for the carbon-fibre 787, ordered 20 new Dreamliners worth $5 billion at list price, bringing its total orders to 100 planes.

Some of those may be configured with fewer business-class seats, Nakahori said, because ANA expects a quicker rebound in leisure travel.

ANA does not expect its home market to recover for two years, and has forecast the downturn in international travel to last until 2024. The carrier last month forecast a record operating loss of 505 billion yen for the year to March 31.

Its first share issue since 2012 comes after ANA last month secured $3.8 billion in subordinated loans to replenish its cash reserves.

Of the 14 million shares it plans to issue, ANA said it will offer a quarter to overseas investors.

ANA picked Nomura Holdings and Goldman Sachs Group as two of the global coordinators for its first share offering since 2012, sources earlier told Reuters. ANA declined to identify the coordinators.

(Reporting by Tim Kelly; Editing by Sam Holmes, Lincoln Feast and Jan Harvey)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 1.06% 2233 End-of-day quote.-1.93%
CATHAY PACIFIC AIRWAYS LIMITED -2.16% 6.78 End-of-day quote.-5.44%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.62% 480 End-of-day quote.5.24%
MIZUHO FINANCIAL GROUP, INC. -1.07% 1392.5 End-of-day quote.6.50%
NOMURA CO., LTD. 0.75% 806 End-of-day quote.-5.40%
NOMURA HOLDINGS, INC. 0.07% 563 End-of-day quote.3.30%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -0.69% 3316 End-of-day quote.4.02%
THE BOEING COMPANY -3.97% 194.03 Delayed Quote.-5.61%
THE GOLDMAN SACHS GROUP, INC. -2.99% 273.33 Delayed Quote.6.84%
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Financials
Sales 2020 45 660 M 5 890 M 5 890 M
Net income 2020 -20 205 M -2 606 M -2 606 M
Net Debt 2020 50 682 M 6 538 M 6 538 M
P/E ratio 2020 -1,72x
Yield 2020 0,14%
Capitalization 42 421 M 5 472 M 5 472 M
EV / Sales 2020 2,04x
EV / Sales 2021 1,50x
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 12
Average target price 7,68 HKD
Last Close Price 6,59 HKD
Spread / Highest target 42,6%
Spread / Average Target 16,5%
Spread / Lowest Target -4,40%
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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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1st jan.Capitalization (M$)
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