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

$国泰航空(hk00293)$  
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.
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