Report
John Hu
EUR 98.48 For Business Accounts Only

First Take: CEA Fiscal 2016 Core Earnings Missed on Weak Yield; FVE Maintained at HKD 4 for Now

No-moat China Eastern delivered a soft result that missed our expectations on weak passenger yield. Excluding the foreign exchange loss of CNY 3.6 billion, the company’s core earnings of CNY 7.9 billion would still have missed our estimate by 10%, while the 5% year-on-year top-line growth to CNY 114.3 billion was as expected. The company registered the steepest yield decline among its peers, as industrywide international capacity deployment led to significant downward pricing pressure. Still, we...
Underlying
China Eastern Airlines Corporation Limited Class H

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
John Hu

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