On July 23, CATHAY PAC AIR rose 3.02% at open, trading at HK$14.0 per share with turnover of HK$13.062 million, extending gains from the prior trading session.

The rally was driven by the company's profit alert issued on July 22, projecting first-half attributable profit of approximately HK$6 billion to HK$6.5 billion, representing a 62% to 76% increase from HK$3.7 billion in the year-earlier period. The results include approximately HK$1.4 billion in deemed disposal gains from dilution of its stake in Air China. Operationally, June passenger volume grew 12% year-over-year while first-half cumulative passenger volume rose 17%.

On the ratings front, Citi upgraded the stock from Sell to Buy with a target price of HK$16.2, naming it as its top pick in the Asia-Pacific aviation sector. Bank of America also raised its target price to HK$12.6. UBS previously reiterated a Buy rating with a HK$16.9 target. Strong cargo and passenger demand, improved performance at HK Express, and declining fuel costs have collectively supported the positive outlook.

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