CEA has no moat despite being one of the Big Three domestically, owing to intense competition.
No-moat China Eastern Airlines reported first-half results that featured solid revenue growth, but higher fuel cost (around 26% year-over-year increase) weighed on profitability. First-half profit, further dragged down by currency losses, came in at CNY 2.5 billion, slightly behind our estimate. The group's passenger ticket yield posted a 1.9% increase amid capacity expansion, and we think the steady demand for air travel in China warrants solid top-line growth ahead for the carrier. We retain o...
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