Cathay Pacific up 6.2% as it seeks to cut costs
Hong Kong
CATHAY Pacific Airways Ltd is winning back stock investors as the carrier seeks to slash costs after its worst loss in more than 20 years. The shares have jumped 6.2 per cent this week, the best performance on Hong Kong's Hang Seng Index, which is little changed. The stock rallied after Goldman Sachs put Cathay Pacific on its conviction list, calling the company unloved and misunderstood. Investors are underestimating the airline's potential to boost earnings, Goldman analysts led by Ben Hartwright wrote in a note, citing improving demand and supply.
The shares have staged a steady recovery this year as the Hong Kong-based carrier looks at ways to cut costs, including pilot compensation. BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
AI boom set to fuel data centre deals in Asia this year
Tesla sends top executive back to China as sales slump worsens
As money pours into private credit funds, will there be enough borrower demand?
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Tycoon Richard Li said to near fibre sale to China Merchants
UG Healthcare fully acquires German associate company for 16.9 million euros