The analyst rating for CATHAY PAC AIR (00293.HK) from BNP Paribas is "Outperform" with a target price of HKD13.1. The reasoning behind this rating is based on the airline's better-than-expected recurring net profit for the second half of 2025, which was HKD5.914 billion, exceeding BNP Paribas' forecast. This positive performance was attributed to stronger cargo yield results that offset weaker earnings from its subsidiary, HK Express. Additionally, BNP Paribas believes that the market has not fully recognized CATHAY PAC AIR's post-pandemic improvement in profitability, suggesting that the airline's valuation is likely to be reassessed in the future.
