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Equity Bottom-Up

Cathay Pacific Airways / Equity Bottom-Up

Amid intense competition in core operations and persistent fuel hedging loss, no-moat Cathay Pacific has announced its intention to streamline its operational structure and cut jobs in 2017. The firm has not yet announced the exact scope and number of jobs affected by the latest restructuring.We maintain our current assumptions and fair value estimate of HKD 9 per share, and consider shares overvalued given its tepid growth outlook.Analyst: John Hu

Amid intense competition in core operations and persistent fuel hedging loss, no-moat Cathay Pacific has announced its intention to streamline its operational structure and cut jobs in 2017. The firm has not yet announced the exact scope and number of jobs affected by the latest restructuring.We maintain our current assumptions and fair value estimate of HKD 9 per share, and consider shares overvalued given its tepid growth outlook.Analyst: John Hu

Cathay's Latest Organizational Streamlining and Job Cuts Will Not Solve Core Issues; FVE Maintained