Cathay Job inevitably removes as headwinds persist, says Jefferies

Photographer: Paul Yeung / Bloomberg

Cathay Pacific Airways Ltd. will inevitably cut jobs by reshaping its operations to deal with the devastating impact of the coronavirus pandemic, according to Jefferies Hong Kong Ltd.

Cathay’s monthly cash consumption of HK $ 1.5 billion ($ 194 million) to HK $ 2 billion is unlikely to change until travel and quarantine restrictions are relaxed, a writes Jefferies analyst Andrew Lee in a September 14 note. announced in November, he added.

“The new CX would inevitably lead to downsizing,” Lee wrote, referring to the airline’s code.

Hong Kong-based Cathay released August traffic figures on Monday which showed the airline and the Cathay Dragon unit carried just 35,773 passengers during the month, a drop of 98.8% from to the previous year. Customer and Trade Manager Ronald Lam has warned the carrier would not survive if it did not adjust to the new travel market.

Cathay introduced a leave without pay program for staff earlier this year as monthly losses climbed to HK $ 3 billion, and cut wages and closed crew bases overseas . President Patrick Healy said in August that these cost-containment measures would not be enough.

Jefferies lowered its price target to HK $ 6.30 from HK $ 6.40 and maintained its sustaining rating. Cathay has 2 buy recommendations, 10 hold recommendations and 4 sell recommendations among analysts tracked by Bloomberg, with an average price target of HK $ 6.22. The stock closed at HK $ 6.23 on Monday and is down 38% this year.

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