20150612-HSBC-国泰航空（0293）：HOLD，MAY_PASSENGER_LOADS_STRONG；CARGO_AGAIN_LACKLUSTRE-364064

Maintain Hold rating and TP of HKD21.1.Since 2000，Cathay Pacific has traded at an average one-year forward book value of 1.25x and given our forecast of normalising ROE，we believe Cathay’s PB level should return to this average，which gives our fair value target price of HKD21.1.