737 MAX: Brazil's GOL maintains its long term bullishness

Brazil's largest domestic airline GOL has been a devout Boeing customer since the launch of the airline 18 years ago. The company has always operated a fleet of all Boeing aircraft and is one of the largest MAX customers worldwide, with 143 of the jets on order.

Like numerous MAX operators, GOL has been working to combat challenges stemming from the grounding of the aircraft, including ensuring that it has ample fleet coverage, since the MAX's return to service remains highly uncertain. The airline has made sure that it has an adequate fleet to cover the high season in Brazil, which starts in late 2019 and runs through Feb-2020.

Even with the challenges created by the grounding of the MAX, GOL expects to hit its previously declared EBIT margin targets, which is commendable, given the disruptions triggered by the removal of the aircraft from the airline's fleet.