In today’s briefing:
- Taste Gourmet Q3 2024: Good Performance Cruise Into Q4 with Catalysts
- Cathay Pacific – Strong Pax Momentum Suggests 2024 Can Outperform Expectations
Taste Gourmet Q3 2024: Good Performance Cruise Into Q4 with Catalysts
- Taste Gourmet (8371 HK) reported revenue of 37% YoY Q3 2024, with profits up 37% YoY ( lower than our 50% YoY estimate). 9M FY23 revenue/profits were up 43%/43% YoY.
- We look forward to the mainboard listing. We believe the process will commence when FY24 results are out in June.
- The stock trades at 5.8x PE FY24e, with a potential dividend yield of 8.5% and cash around 26% of its market capitalization at 147.7 mn HKD.
Cathay Pacific – Strong Pax Momentum Suggests 2024 Can Outperform Expectations
- Cathay Pacific’s strong end to 2023 has been well flagged but we think expectations are too low for 2024.
- ANA, JAL and Korean Air have each seen unit pax revenue momentum accelerate into calendar 4Q23 which bodes well for 2024 prospects, particularly as manpower challenges slow capacity restoration.
- Our 2024 EBITDAR is 5% ahead of consensus while we are 11% ahead at the net income level.
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