Cathay Pacific Airways: 1H26 profit beat and pre-earnings call highlight why Cathay stands apart in Asia aviation

研报英文原文证据摘录

Cathay Pacific Airways: 1H26 profit beat and pre-earnings call highlight why Cathay stands apart in Asia aviation

Asia Pacific Equity Research

23 July 2026

Overweight

Cathay Pacific Airways 0293.HK, 293 HK

Price: HK$13.59

1H26 profit beat and pre-earnings call highlight why 22 Jul 2026

Cathay stands apart in Asia aviation Price Target: HK$16.00

PT End Date: 30 Jun 2027

Cathay’s latest traffic and earnings update tightens interim earnings Infrastructure, Industrials &

visibility while the operating data continue to read as utilization-led rather Transport

than supply-led, which is a key differentiator for this cycle. We also held a Karen Li, CFA AC

pre-earnings call with management and the major takeaways were clear: (852) 2800-8589

recent capacity growth has been delivered via better utilization, yields are karen.yy.li@jpmorgan.com

trending higher Y/Y with surcharge increases not materially denting Jenny Qiu, CFA

mainline demand, long-haul forward bookings remain strong into summer, (852) 2800 8503 jenny.qiu@jpmorgan.com

and fuel remains a drag – but the crack-spread spike has already retraced Neil Zhang

sharply, reducing near-term pressure versus peak levels. These points help (852) 2800-8598

frame the interim outcome as an operating-quality story, not just a fuel- neil.zhang@jpmorgan.com

driven quarter. Beatrice Lam

(852) 2800-8738

Stock view: The latest management comments, operational datapoints and beatrice.lam@jpmorgan.com

1H26 beat showcase why Cathay remains our top pick within the Asian J.P.J.P. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/

airlines space, as the cycle looks structurally different versus prior periods

with stronger operating leverage, a clearer returns framework, and a

cleaner capital posture.