SEHK:2588Trade Distributors
BOC Aviation (SEHK:2588) Stock Revenue Growth Masks Margin And Cash Strain
BOC Aviation went into these results with the stock drifting, down about 4% over the past month to HK$73.05, even though the P/E multiple sat well below peers. The new half year numbers keep that expectation gap wide open. Revenue for the first half reached about US$1.21b and basic earnings per share came in at roughly US$0.51. However, the real story is pressure on earnings quality as interest coverage remains weak while dividends strain free cash flow.
Is BOC Aviation a genuine value...