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UBS lifts Cathay Pacific (00293) to HK$16
UBS Global Research lifted its target price for 
Cathay Pacific (CX)(00293) to HK$16 from HK$13.8, and upgraded its rating to "buy" from
"neutral".
  The research house forecast that CX will deliver above-consensus profit in 2018 and an 
above-WACC return in 2019. UBS has become more bullish on its passenger and cargo yield, 
as well as the contribution from its 18% stake in Air China (00753).
  It believes consensus underappreciates CX's turnaround story, given its one-year forward
P/BV of 0.84x, well below its historical average. The resumption of a passenger fuel 
surcharge on flights from Hong Kong could be a catalyst.

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