Grounded for now
- Downgrade to HOLD with lower TP of HK$4.50
- 1H22 net loss of RMB11.5bn was better than peers
- CSA was the only airline among the big three to have positive EBITDA and operating cash flow in 1H22; net gearing ratio remains fairly stable
- Cut FY22/23F net profit estimates to reflect slower recovery in passenger traffic
