CATHAY PACIFIC(293.HK):DOWNGRADE TO HOLD: YIELD HEADWINDS
汇丰银行(中国)有限公司2016-03-10
FY15 net profit HKD6.0bn, up 90% y-o-y due to lower fuelcosts, high PLF plus higher Air China contribution Passenger business performs well, cargo remains soft.Cautious tone on 2016 Cut TP to HKD14.8 from HKD15.5, on rising risk of yield erosion