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2009-1-8 11:17:00 a.m. HKT, XFNA
DJ MARKET TALK: Cathay Pac Off 5.4%; Hedging Loss Tops View-Daiwa
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| 1107 [Dow Jones] Cathay Pacific (0293.HK) down 5.4% at HK$9.19 after reporting fuel-hedging loss widened to HK$7.6 billion end-2008 vs HK$2.8 billion end-October. Daiwa says unrealized marked-to-market fuel hedging loss higher-than-expected, tips 2008 net loss at HK$6.6 billion vs earlier forecast HK$3.7 billion loss, based on fuel-hedging loss, latest jet-fuel price. Adds, news may lead to increased concerns other airlines, such as Air China (0753.HK) and China Eastern Airlines (0670.HK), may also record substantial fuel-hedging losses. Keeps at Hold, while analyst Kelvin Lau says he's reviewing HK$8.08 target. Stock off low of HK$9.00 earlier, set to serve as immediate floor. Other airline stocks also down despite crude's sharp drop, with Air China down 3.5% at HK$2.47, China Eastern down 0.8% at HK$1.19.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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