Cathay Pacific Airways Ltd

00293: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cathay Pacific: High Fuel Costs, Reduced Capacity Pressure Near-Term Earnings; Valuation Cut 11%

Lorraine Tan , Nicole Lim

May 22, 2026

Brent crude has remained above USD 100 per barrel as the Iran war drags on with no clear resolution in sight. With only 30% of fuel exposure hedged, the lack of visibility poses a significant headwind for Cathay. Despite implementing a fuel surcharge, passenger capacity was reduced in May and June.

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Cathay Pacific Airways Ltd

Cathay Pacific: High Fuel Costs, Reduced Capacity Pressure Near-Term Earnings; Valuation Cut 11%

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