Interesting work, happyguy.
What are your thoughts on assets? You concentrate on profit and cash flow in your analysis, but in 2020 Cathay had assets of 26 Billion (!) US$. There are multiple ways to repay debt. I don't know the underlying debt associated to those assets, but the price to book ratio is currently at a comfortable 0.64 and there has been about 2 billion in liquidity reserves just before Covid hit. A label as "zombie company" hence appears a bit drastic in my opinion.
Globo, yes there was a slight reduction of revenue caused by the protests, but you have to keep that into perspective. The revenue in 2018 was 14.238 Billion, in 2019 it was 13.714 Billion. The gross profit was actually higher in
2019 than in 2018, at 2.814 Billion compared to 2.751 Billion. Additionally, If there is one thing we can agree on it probably would be to acknowledge that the political protests are history and done. They won't be a problem anymore in the future.
Last edited by Sam Ting Wong; 12th Feb 2022 at 12:26.