Morgan Stanley: Cathay Pacific (00293.HK) September passenger demand rebounds; reiterates "Overweight" rating

Zhitong Finance APP has learned that Morgan Stanley has issued a research report stating that it maintains an "Overweight" rating on Cathay Pacific Airways (00293.HK). The bank noted that Cathay Pacific's September passenger revenue passenger kilometers rebounded alongside capacity expansion, with a load factor of 84.2%, remaining resilient and rising 1.9 percentage points year-on-year. HK Express's revenue passenger kilometers rose only 2.2% year-on-year, while its load factor fell 5.2 percentage points year-on-year to 67.5%, mainly affected by fuel inflation pushing up ticket prices and regional competition. Morgan Stanley stated that Cathay Pacific benefited from long-haul student traffic before the start of the new school year, leisure demand driven by holiday effects, and momentum in business and premium leisure travel.