Air China Remains Fairly Valued Despite Cost-Cutting Potential
We continue to see Air China’s Hong Kong listing as fairly valued and its Shanghai listing as overvalued as we awaiting its full-year results release at the end of March. Our no-moat rating is unchanged. The carrier booked very weak cargo demand during the fourth quarter of 2018, registering merely 2% growth in cargo carried. Management expects a passenger capacity increase of 9%-10% for 2019, a rate that we think should be matched by demand. The firm also expects to further reduce ex-fuel unit ...Air China is engaged in providing air passenger, air cargo and airline-related services, of which including aircraft engineering services, air catering services and airport ground handling services, mainly in Mainland China, Hong Kong and Macau. Through its subsidiaries and associated companies, Co. is also engaged in import and export trading; provision of flight academy, ground service, air ticketing services, consultancy services, human resources services, aircraft maintenance and repair services, airline-related information system services and financial services; and investment holding.
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