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293

Cathay Pacific Airways SEHK:293 Stock Report

Last Price

HK$8.48

Market Cap

HK$54.6b

7D

-5.1%

1Y

30.9%

Updated

28 Sep, 2022

Data

Company Financials +
293 fundamental analysis
Snowflake Score
Valuation5/6
Future Growth5/6
Past Performance0/6
Financial Health3/6
Dividends0/6

293 Stock Overview

Cathay Pacific Airways Limited, together with its subsidiaries, operates as a carrier of international passengers and air cargo.

Cathay Pacific Airways Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Cathay Pacific Airways
Historical stock prices
Current Share PriceHK$8.48
52 Week HighHK$9.20
52 Week LowHK$6.11
Beta0.99
1 Month Change3.04%
3 Month Change-1.28%
1 Year Change30.86%
3 Year Change-15.20%
5 Year Change-30.26%
Change since IPO-13.91%

Recent News & Updates

Aug 11
The Return Trends At Cathay Pacific Airways (HKG:293) Look Promising

The Return Trends At Cathay Pacific Airways (HKG:293) Look Promising

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...

May 24
Does Cathay Pacific Airways (HKG:293) Have A Healthy Balance Sheet?

Does Cathay Pacific Airways (HKG:293) Have A Healthy Balance Sheet?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Shareholder Returns

293HK AirlinesHK Market
7D-5.1%-2.7%-5.4%
1Y30.9%7.2%-28.0%

Return vs Industry: 293 exceeded the Hong Kong Airlines industry which returned 8.7% over the past year.

Return vs Market: 293 exceeded the Hong Kong Market which returned -25.9% over the past year.

Price Volatility

Is 293's price volatile compared to industry and market?
293 volatility
293 Average Weekly Movement3.2%
Airlines Industry Average Movement4.8%
Market Average Movement6.4%
10% most volatile stocks in HK Market12.5%
10% least volatile stocks in HK Market3.1%

Stable Share Price: 293 is less volatile than 75% of Hong Kong stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: 293's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
194620,800Augustus Tanghttps://www.cathaypacific.com

Cathay Pacific Airways Limited, together with its subsidiaries, operates as a carrier of international passengers and air cargo. The company conducts airline operations principally to and from Hong Kong. It also provides property investment, travel reward program, travel tour operator, financial, aircraft leasing and acquisition facilitation, airline catering, information processing, aircraft ramp handling, laundry and dry cleaning, ground handling, aircraft engineering, cargo carriage, airport ground engineering support and equipment maintenance, and inventory technical management services.

Cathay Pacific Airways Fundamentals Summary

How do Cathay Pacific Airways's earnings and revenue compare to its market cap?
293 fundamental statistics
Market CapHK$54.59b
Earnings (TTM)-HK$3.56b
Revenue (TTM)HK$48.28b

1.1x

P/S Ratio

-15.3x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
293 income statement (TTM)
RevenueHK$48.28b
Cost of RevenueHK$28.98b
Gross ProfitHK$19.30b
Other ExpensesHK$22.87b
Earnings-HK$3.56b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 25, 2022

Earnings per share (EPS)-0.55
Gross Margin39.98%
Net Profit Margin-7.38%
Debt/Equity Ratio74.8%

How did 293 perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is 293 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 293?

Other financial metrics that can be useful for relative valuation.

293 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.9x
Enterprise Value/EBITDA14.6x
PEG Ration/a

Price to Sales Ratio vs Peers

How does 293's PS Ratio compare to its peers?

293 PS Ratio vs Peers
The above table shows the PS ratio for 293 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average2.5x
753 Air China
1.4x26.7%HK$147.4b
1055 China Southern Airlines
0.7x29.9%HK$115.0b
694 Beijing Capital International Airport
7.4x47.8%HK$21.7b
2618 JD Logistics
0.7x18.1%HK$85.7b
293 Cathay Pacific Airways
1.1x33.9%HK$54.6b

Price-To-Sales vs Peers: 293 is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (2.5x).


Price to Earnings Ratio vs Industry

How does 293's PE Ratio compare vs other companies in the Asian Airlines Industry?

Price-To-Sales vs Industry: 293 is good value based on its Price-To-Sales Ratio (1.1x) compared to the Asian Airlines industry average (1.6x)


Price to Sales Ratio vs Fair Ratio

What is 293's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

293 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio4.7x

Price-To-Sales vs Fair Ratio: 293 is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (4.7x).


Share Price vs Fair Value

What is the Fair Price of 293 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 293 (HK$8.48) is trading below our estimate of fair value (HK$19.04)

Significantly Below Fair Value: 293 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Cathay Pacific Airways forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


117.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 293 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).

Earnings vs Market: 293 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: 293 is expected to become profitable in the next 3 years.

Revenue vs Market: 293's revenue (33.9% per year) is forecast to grow faster than the Hong Kong market (9.9% per year).

High Growth Revenue: 293's revenue (33.9% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 293's Return on Equity is forecast to be low in 3 years time (6.1%).


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Past Performance

How has Cathay Pacific Airways performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-44.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 293 is currently unprofitable.

Growing Profit Margin: 293 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: 293 is unprofitable, and losses have increased over the past 5 years at a rate of 44.5% per year.

Accelerating Growth: Unable to compare 293's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: 293 is unprofitable, making it difficult to compare its past year earnings growth to the Airlines industry (856.7%).


Return on Equity

High ROE: 293 has a negative Return on Equity (-4.33%), as it is currently unprofitable.


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Financial Health

How is Cathay Pacific Airways's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: 293's short term assets (HK$26.8B) do not cover its short term liabilities (HK$42.4B).

Long Term Liabilities: 293's short term assets (HK$26.8B) do not cover its long term liabilities (HK$76.4B).


Debt to Equity History and Analysis

Debt Level: 293's net debt to equity ratio (49.7%) is considered high.

Reducing Debt: 293's debt to equity ratio has reduced from 88.7% to 74.8% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable 293 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: 293 is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 16.4% per year.


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Dividend

What is Cathay Pacific Airways's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.26%

Forecast Dividend Yield

Dividend Yield vs Market

Cathay Pacific Airways Dividend Yield vs Market
How does Cathay Pacific Airways dividend yield compare to the market?
SegmentDividend Yield
Company (Cathay Pacific Airways)0%
Market Bottom 25% (HK)3.0%
Market Top 25% (HK)8.8%
Industry Average (Airlines)3.2%
Analyst forecast in 3 Years (Cathay Pacific Airways)1.3%

Notable Dividend: Unable to evaluate 293's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate 293's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if 293's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if 293's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: 293 is not paying a notable dividend for the Hong Kong market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as 293 has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

3.1yrs

Average management tenure


CEO

Augustus Tang (63 yo)

3.08yrs

Tenure

HK$6,497,000

Compensation

Mr. Kin Wing Tang, also known as Augustus, has been Chief Executive Officer and Director of Cathay Pacific Airways Limited since August 19, 2019. He has been the Chief Executive Officer and Director of Hon...


CEO Compensation Analysis

Augustus Tang's Compensation vs Cathay Pacific Airways Earnings
How has Augustus Tang's remuneration changed compared to Cathay Pacific Airways's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-HK$4b

Mar 31 2022n/an/a

-HK$5b

Dec 31 2021HK$6mHK$3m

-HK$6b

Sep 30 2021n/an/a

-HK$13b

Jun 30 2021n/an/a

-HK$20b

Mar 31 2021n/an/a

-HK$21b

Dec 31 2020HK$8mHK$3m

-HK$22b

Sep 30 2020n/an/a

-HK$16b

Jun 30 2020n/an/a

-HK$10b

Mar 31 2020n/an/a

-HK$4b

Dec 31 2019HK$5mHK$1m

HK$2b

Compensation vs Market: Augustus's total compensation ($USD827.65K) is about average for companies of similar size in the Hong Kong market ($USD705.53K).

Compensation vs Earnings: Augustus's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: 293's management team is considered experienced (3.1 years average tenure).


Board Members

Experienced Board: 293's board of directors are considered experienced (5.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SEHK:293 Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
03 Nov 21SellHK$216,900Merlin SwireIndividual30,000HK$7.23

Ownership Breakdown

What is the ownership structure of 293?
Owner TypeNumber of SharesOwnership Percentage
Institutions351,269,1905.5%
General Public615,585,4099.6%
Private Companies2,573,592,51540.0%
Public Companies2,896,753,08945.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 90.45% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
45%
Swire Pacific Limited
2,896,753,089HK$24.6b0%no data
27.78%
China National Aviation Holding Company
1,788,092,275HK$15.2b0%no data
9.99%
Qatar Airways Limited
643,076,181HK$5.5b0%no data
2.21%
Perfect Match Assets Holdings Ltd.
142,424,059HK$1.2b0%no data
1.97%
HSBC Global Asset Management (UK) Limited
126,905,112HK$1.1b-16.15%0.12%
1.32%
Capital Research and Management Company
85,132,180HK$721.9m-10.2%0.01%
0.53%
The Vanguard Group, Inc.
34,415,663HK$291.8m1.47%no data
0.53%
Norges Bank Investment Management
34,336,301HK$291.2m0%0.01%
0.39%
Dimensional Fund Advisors LP
24,952,336HK$211.6m3.52%0.01%
0.22%
U.S. Global Investors, Inc.
13,949,133HK$118.3m1.46%0.59%
0.1%
Russell Investment Management, LLC
6,722,000HK$57.0m0%0.01%
0.062%
Union Asset Management Holding AG
4,000,000HK$33.9m0%0.01%
0.062%
Charles Schwab Investment Management, Inc.
3,973,322HK$33.7m2.26%no data
0.061%
Brookfield Asset Management Inc.
3,919,270HK$33.2m17.53%0.01%
0.055%
Morgan Stanley Investment Management Inc.
3,544,100HK$30.1m0%no data
0.042%
GVC Gaesco Gestión SGIIC, S.A.
2,680,248HK$22.7m0%0.56%
0.033%
Baillie Gifford & Co.
2,116,640HK$17.9m0%no data
0.025%
State Street Global Advisors, Inc.
1,588,559HK$13.5m3.18%no data
0.012%
Harvest Fund Management Co., Ltd.
769,000HK$6.5m0%no data
0.011%
Legal & General Investment Management Limited
719,002HK$6.1m0%no data
0.011%
Mackenzie Financial Corporation
703,981HK$6.0m0.6%no data
0.0086%
BlackRock, Inc.
555,999HK$4.7m0%no data
0.0075%
Vident Investment Advisory, LLC
484,000HK$4.1m-2.42%0.01%
0.006%
Harding Loevner LP
389,000HK$3.3m0%no data
0.0055%
Royal London Asset Management Limited
355,706HK$3.0m0%no data

Company Information

Cathay Pacific Airways Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Cathay Pacific Airways Limited
  • Ticker: 293
  • Exchange: SEHK
  • Founded: 1946
  • Industry: Airlines
  • Sector: Transportation
  • Implied Market Cap: HK$54.587b
  • Shares outstanding: 6.44b
  • Website: https://www.cathaypacific.com

Number of Employees


Location

  • Cathay Pacific Airways Limited
  • Hong Kong International Airport
  • 8 Scenic Road
  • Lantau Island
  • New Territories
  • Hong Kong


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CPCA.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
293SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDJan 1992
CTYDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
293SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDJan 1992
293SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDJan 1992
CPCA.YOTCPK (Pink Sheets LLC)ADR EACH REP 5 HKD0.20(BNY)USUSDJun 1994
CTYADB (Deutsche Boerse AG)ADR EACH REP 5 HKD0.20(BNY)DEEURJun 1994

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.