Travel to Hongkong has collapsed since the SARS panic broke out late last month. Cathay Pacific (0293.HK) normally carries around 30,000 passengers a day on its planes, but that number is now down to around 10,000. Management is reportedly even considering grounding the entire passenger fleet because the company is losing US$3 million a day operating nearly-empty planes.

Assuming the SARS hysteria calms down at some point and Cathay Pacific's business rebounds to normal, healthy levels, the stock might be an interesting buy, especially if it drifts down to the lows it hit following 9/11, around HK$6 a share.

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