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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Cathay Pacific Airways Limited    293   HK0293001514

CATHAY PACIFIC AIRWAYS LIMITED

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Japan's ANA to raise $3.2 billion in shares to fund 787 jet purchases

11/27/2020 | 05:02am EST
FILE PHOTO: The logo of All Nippon Airways (ANA) is seen at Tokyo International Airport

TOKYO (Reuters) - Japan's biggest airline ANA Holdings said on Friday it will issue new shares to raise $3.2 billion, much of which will be used to fund its orders of fuel-efficient Boeing 787 Dreamliner jets.

Like other big global airlines ANA has been making cost cuts, including pay reductions, to cope with a coronavirus-driven travel slump.

But while many other airlines have been deferring widebodied plane deliveries to safeguard their finances, ANA has opted to stick with its pre-pandemic 787 orders from Boeing.

It says the 787, which is smaller than other widebody models, will be a cost effective alternative to bigger planes that may struggle to make money even after the coronavirus crisis ends.

"On routes to Europe and the United States we flew the Boeing 777, but after the coronavirus, rather than 777 capacity, the 787 is going to be a better size," ANA Senior Vice President Kimihiro Nakahori said at a press briefing.

In February the airline, which was the launch customer for the carbon-fibre 787, ordered 20 new Dreamliners worth $5 billion at list price, bringing its total orders to 100 planes.

Some of those may be configured with fewer business-class seats, Nakahori said, because ANA expects a quicker rebound in leisure travel.

ANA does not expect its home market to recover for two years, and has forecast the downturn in international travel to last until 2024. The carrier last month forecast a record operating loss of 505 billion yen for the year to March 31.

Its first share issue since 2012 comes after ANA last month secured $3.8 billion in subordinated loans to replenish its cash reserves.

Of the 14 million shares it plans to issue, ANA said it will offer a quarter to overseas investors.

ANA picked Nomura Holdings and Goldman Sachs Group as two of the global coordinators for its first share offering since 2012, sources earlier told Reuters. ANA declined to identify the coordinators.

(Reporting by Tim Kelly; Editing by Sam Holmes, Lincoln Feast and Jan Harvey)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. -1.38% 2209.5 End-of-day quote.-2.96%
CATHAY PACIFIC AIRWAYS LIMITED -3.08% 6.93 End-of-day quote.-3.35%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.41% 483 End-of-day quote.5.90%
MIZUHO FINANCIAL GROUP, INC. 0.39% 1407.5 End-of-day quote.7.65%
NOMURA CO., LTD. -5.55% 800 End-of-day quote.-6.10%
NOMURA HOLDINGS, INC. -1.33% 562.6 End-of-day quote.3.23%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -0.68% 3339 End-of-day quote.4.74%
THE BOEING COMPANY -0.89% 205.58 Delayed Quote.-1.22%
THE GOLDMAN SACHS GROUP, INC. -0.53% 287.63 Delayed Quote.10.15%
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Financials
Sales 2020 45 629 M 5 886 M 5 886 M
Net income 2020 -19 440 M -2 508 M -2 508 M
Net Debt 2020 53 282 M 6 873 M 6 873 M
P/E ratio 2020 -1,88x
Yield 2020 0,13%
Capitalization 44 610 M 5 755 M 5 754 M
EV / Sales 2020 2,15x
EV / Sales 2021 1,51x
Nbr of Employees 33 000
Free-Float 17,1%
Chart CATHAY PACIFIC AIRWAYS LIMITED
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Cathay Pacific Airways Limited Technical Analysis Chart | 293 | HK0293001514 | MarketScreener
Technical analysis trends CATHAY PACIFIC AIRWAYS LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 7,90 HKD
Last Close Price 6,93 HKD
Spread / Highest target 35,6%
Spread / Average Target 14,0%
Spread / Lowest Target -9,09%
EPS Revisions
Managers and Directors
NameTitle
Kin Wing Tang Chief Executive Officer & Executive Director
Patrick Healy Chairman
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
Martin James Murray Chief Financial Officer & Executive Director
Merlin Bingham Swire Non-Executive Director
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