0655 GMT - Cathay Pacific Airways has passed peak profitability and its operating profit may decline sequentially over 2H of 2024 to 2026, HSBC Global Research analysts say in a note. With positives from the repurchase of convertible bonds largely priced in, the brokerage downgrades its rating to reduce from hold on stretched valuations. The company's EBIT is likely to drop sequentially in 2H24 and over the next two years, as staff costs may be higher while passenger yields further normalize, they say. However, HSBC raises the stock's target price to HK$8.30 from HK$8.10 on higher earning estimates. Shares last at HK$9.66. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
December 03, 2024 01:55 ET (06:55 GMT)
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