CEA Delivered Strong 1Q 2017 Result on Stable Ticket Pricing and Favorable Foreign Exchange Gains
No-moat China Eastern’s solid first-quarter result ran ahead of our expectations, with core earnings (excluding one-off investment gains from last year) and revenue up 62% year on year and 9% year on year, respectively, to CNY 1.9 billion and CNY 26.7 billion. We estimate that the company’s ticket price level was roughly flat in the first quarter, and the favorable foreign exchange gain has absorbed much of the negative impact from the notable hike in fuel cost input. We retain our fair value of...
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