China’s flagship carrier is shedding margins, even in a triopoly market structure.
Following a conference call on the Air China-Lufthansa joint venture, we leave our 2017 bottom-line and top-line forecasts unchanged. Although the JV could potentially increase the corporate travel volume on Europe-China inbound flights, the overall positive top-line growth appears to be limited (incremental 0.5%-1% per year), while the bottom line could receive a slightly larger boost, owing to higher margins on corporate accounts. We maintain our fair value estimate of HKD 7 per share on no-mo...
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