Cathay Pacific Airways (293.HK): Feb-18 Traffic Analysis

2018-03-22 10:41 港股研报君 阅读 860


Strong RPK growth: Thanks to the impact of the Chinese New Year holiday, CPA’s growth in Revenue Passenger Kilometers improved to 5.8% YoY in February 2018 vs -0.1% YoY in January 2018: China (+10.1% vs. -6.6%), Europe (+12.2% vs. -0.1%), North America (+8.5% vs. -0.4%), and North Asia (+4.9 vs. 5.2%) despite weakness on SW Pacific/S Africa (2.5% vs. +9.1%) and SE Asia/Middle East (-1.9% vs. -1.0%) routes. In the first two months of 2018, overall RPK growth increased 2.6% YoY vs +0.1% YoY in the same period of 2017.

Higher PLFs: As available seat kilometers (ASK) rose 4.9% YoY, passenger load factors picked up 0.7ppt YoY in February 2018, to 84.1%. In the first two months of 2018, however, PLFs dipped 0.9ppt YoY, to 84.1%.

Normalized cargo demand: CPA’s growth in revenue freight tons per kilometer (RFTK) moderated to 8.3% YoY in February 2018 from 10.5% in January 2018. As available freight ton kilometers (AFTK) improved 5.8% YoY, freight load factors (FLF) edged up 2.3ppt YoY, to 65.7%. In the first two months of 2018, RFTK growth accelerated to 9.5% YoY from 5.9%YoY in the same period of 2017 with higher FLFs at 65.6% (+4.1ppt YoY).


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