ANA Holdings Inc

9202: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎4,216.00	Jppd	Jkbmsgn

ANA Earnings: We Lower Estimates on Higher Maintenance Costs; Travel Demand Remains Decent

Lorraine Tan

Jul 31, 2024

ANA Holdings' fiscal first-quarter (ending June 2024) net profit of JPY 26.7 billion is somewhat disappointing. It missed our expectations with an operating profit margin of 7.5%, well below the 8.7% we expected to average for the full year. ANA’s share price is down on the news, but we think that it is mainly higher maintenance costs that are a drag, and we predict this will normalize in the next year.

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