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Strategies & Market Trends : HONG KONG
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To: Imran who wrote (1118)1/18/1998 1:59:00 AM
From: Tom  Read Replies (1) of 2951
 
CATHAY PACIFIC AIRWAYS

(Underperform) Salomon Smith Barney, Jan 12, HK$5.70
We reiterate our "Underperform" recommendation on Cathay Pacific despite the stock having fallen in recent days. Investors should focus on short-term earnings prospects which are likely to remain weak. The continuing weak economic environment is impacting load factors and regional currency volatility is severely affecting yields. We see little prospect for any short-term recovery in Cathay's revenues and reiterate that it will only take a moderate decline in load factors or yields from our current estimates to push Cathay into an operating loss for the first half of 1998. The broking firms, their directors and officers, and their related companies may have an interest from time to time in the securities discussed above. Their recommendations and reports are also circulated to clients before publication in this column.
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