Cathay Pacific hits 11-year high on strong first-half profit forecast
BUZZ-Cathay Pacific hits 11-year high on strong first-half profit forecast Add UBS comment in bullet 5, updated milestones, stock price
** Shares of Cathay Pacific Airways 0293.HK climb 4.8% to HK$14.24, their highest since August 2015
** Stock on track for biggest one-day pct rise since April 8 in third straight session of gains
** Hong Kong's flagship carrier said on Wednesday its first half profit may jump as much as 76% from a year earlier, boosted by strong passenger and cargo demand, improved performance from low-cost carrier HK Express and higher contributions from associates
** "The outlook for the summer peak remains encouraging, particularly across our long-haul network," said Chief Customer and Commercial Officer Lavinia Lau
** UBS, with "buy" rating, reiterates Cathay as one of its top picks in APAC airlines sector, saying H126 guidance sits solidly above market expectation, demonstrating the carrier's superior pricing power with further upside into H226E
** YTD, stock up 13.3%, benchmark Hang Seng Index .HSI down 1.6%
(Reporting by Donny Kwok)
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