Transportation
Singapore Air Trounces Hong Kong’s Cathay in Battle for the Skies
- Airline almost three times more valuable than Hong Kong rival
- Cathay was mired in Hong Kong’s Covid travel curbs for longer
A Singapore Airlines aircraft on the tarmac at Hong Kong International Airport.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
The fortunes of Singapore Airlines Ltd. and Cathay Pacific Airways Ltd., the flagship airlines of two of Asia’s most important financial hubs, differed during the pandemic and continue to diverge in its aftermath.
Their valuations are revealing — Singapore Air’s market value of $17 billion is almost three times that of Cathay’s. Four years ago the difference was only about $2 billion. Singapore Air just ended a 12-day run of gains, the longest streak since 2008, and it is up about 40% this year. Cathay has fallen 9.3%.