Skies Not Clear for China Aviation Sector Just Yet -- Market Talk

Dow Jones

2023/04/26

0733 GMT - Chinese airlines got a lift from the scrapping of strict Covid travel curbs, but the reopening rally looks to be near its end, putting focus on the sector's legacy baggage, UOB Kay Hian's Roy Chen says in a note. UOB has an upbeat profit view for 2023, but thinks the Big Three--Air China, China Eastern and China Southern--may not be able to repair their balance sheets fast enough. As pandemic losses eclipsed the preceding 10 years' profits by 30%, the equity fundraising carriers did to stay afloat is set to dilute future EPS, meaning earnings will need to "expand commensurately" to justify pre-Covid valuations, he says. Leverage is very high with little hope for dividends and more scope for equity fundraising ahead, he adds. UOB reinitiates sector coverage at underweight. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

April 26, 2023 03:33 ET (07:33 GMT)

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UOB has an upbeat profit view for 2023, but thinks the Big Three--Air China, China Eastern and China Southern--may not be able to repair their balance sheets fast enough. As pandemic losses eclipsed the preceding 10 years' profits by 30%, the equity fundraising carriers did to stay afloat is set to dilute future EPS, meaning earnings will need to \"expand commensurately\" to justify pre-Covid valuations, he says. Leverage is very high with little hope for dividends and more scope for equity fundraising ahead, he adds. UOB reinitiates sector coverage at underweight. 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