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QAN - Tailwinds remain

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Qantas (QAN) is the largest airline in Australia providing domestic and international passenger services via its Qantas and Jetstar brands, as well as possessing the largest loyalty program in Australia in Qantas Loyalty. The capacity growth outlook is the most favourable for some time in both the domestic and international markets, providing the opportunity for QAN to increase revenue via increased load factors and ticket prices. Lower oil prices and a A$2bn internal cost-out program are providing a materials earnings benefit, with QAN likely to return to near record levels of profitability in FY16. News flow is a key share price driver of airline stocks and the next 6-12 months is likely to remain positive with monthly operating statistics and the full year result (expected Aug 20) reinforcing the strong operating conditions. We retain our Add recommendation for QAN with a share price target of A$4.35ps. Read more from the Morgans Blog (VIEW LINK)


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