Outlook Brightens for Air China Amid Strong Air Traffic Demand; FVE Raised to HKD 7.20 per Share
Following the latest investor conference call with Air China management, we upgrade our fair value estimate to HKD 7.20 per share (from HKD 7) on the prospect of improving passenger yield on back of strong demand, narrowing foreign exchange loss, and limited fuel cost inflation. For 2017, we expect Air China’s net income and revenue to rise 10% and 8.7% year on year, respectively. Our latest fair value estimate implies a 7.2 times forward price/earnings ratio, 4.2 times enterprise value/EBITDA, ...
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