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<Research>HSBC Research Retains Reduce Rating on Big 3 CN Airlines w/ Sharp Earnings Cut
Recommend 3 Positive 8 Negative 1 |
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Although the passenger load factor of the three major Chinese airlines improved in 2Q25, paired with falling oil prices and a strengthening RMB against USD, they still recorded a total loss of RMB9.84 billion during the period, nearly doubling from a loss of RMB5.1 billion in the same period last year, HSBC Global Research said in a report. Among them, AIR CHINA (00753.HK) fared the best, recording a profit of RMB238 million in 2Q25, reversing a loss of RMB1.1 billion in the same period last year, while CHINA SOUTH AIR (01055.HK) saw its loss deepen to RMB786 million. HSBC Global Research lowered the earnings forecast for the three major Chinese airlines, reducing Air China's earnings forecast for 2025 by 88%, and cutting CHINA EAST AIR (00670.HK) and China Southern Airlines' forecasts from profits of RMB1.038 billion and RMB3.397 billion to losses of RMB312 million and RMB533 million, respectively. It also axed Air China, China Eastern Airlines, and China Southern Airlines' 2026 earnings forecasts by 73%, 60%, and 68%, and 2027 forecasts by 50%, 37%, and 45%, retaining a Reduce rating. HSBC Global Research also maintained a Reduce rating on BEIJING AIRPORT (00694.HK), cutting the target price from HKD2.5 to HKD2.3. AASTOCKS Financial News Website: www.aastocks.com |
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