reports
- Roy Chen Chengzhi
China Aviation: Airlines’ Mar 24 operation data was slightly weaker th...
Mar 24 overall pax loads of the three airlines stood at 101-106% of pre-pandemic levels, slightly missing our projected 102-108% and representing some retracement from Feb 24’s 107-111% levels. Overall pax load factors of the three airlines were 0.8- 2.6ppt below pre-pandemic levels in Mar 24, indicating an overcapacity situation for the sector. We expect the three airlines to record positive profits in 2024. Maintain MARKET WEIGHT on airlines for their 1Q24 earnings turnaround prospect.
- Roy Chen Chengzhi
China Aviation: Airlines: Expecting a turnaround in profitability in 2...
The three airlines’ 2023 results are in line with their guidance, with Air China and CSA at the mid-points of their guided ranges and CEA close to the lower end. Net losses narrowed yoy due to the recovery in air travel. We still expect all three airlines to achieve positive net profits in 2024, despite CAAC’s latest guidance for international air travel recovery (about 80% by end-24) coming in below our projections. Maintain MARKET WEIGHT. Top pick: Air China.
- Roy Chen Chengzhi
China Aviation: Airlines’ Feb 24 operating data beat our expectations ...
Feb 24 pax loads of the three airlines beat our expectations, at 107-111% of prepandemic levels, helped by the stronger-than-expected CNY holiday effect. Pax load factors continued to improve on a seasonally-adjusted basis in recent months, though still a tad below pre-pandemic levels in Feb 24. With steep share price declines over the past year and the latest upbeat operating data, near-term riskreward for the sector appears more balanced. Upgrade to MARKET WEIGHT.
CHINA EASTERN AIRLIN sees an upgrade to Slightly Positive due to a bet...
The general evaluation of CHINA EASTERN AIRLIN (HK), a company active in the Airlines industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 19, 2021, the closing price was...
- Ivan Su
Morningstar | Like Its Peers, China Eastern Airlines Does Not Possess ...
In terms of revenue and passenger-carrying capacity, China Eastern is ranked as the third-largest airline in the fast-growing, increasingly competitive Chinese airline market. Domestic competition is still on the rise, but the international markets are poised to become the company’s main revenue growth driver. We expect China Eastern’s net income and revenue to grow at 27% and 6% per year, respectively, between 2018 and 2022. The positive net income growth catalysts include favorable jet-fue...
- Ivan Su
Like Its Peers, China Eastern Airlines Does Not Possess an Economic Mo...
No-moat China Eastern reported solid first-quarter results and provided some guidance for the remainder of 2019. The carrier’s first-quarter earnings featured higher operating margin, up 150 basis points year over year, driven primarily by strong cost management efforts. We have revisited our assumptions after incorporating management’s more optimistic near-term guidance and the probability-weighted impact from the ongoing conflict between China and the U.S. After changes to our forecasts, w...
- Ivan Su
Morningstar | Fine-Tuning Short and Long-Term Assumptions on China Eas...
No-moat China Eastern reported solid first-quarter results and provided some guidance for the remainder of 2019. The carrier’s first-quarter earnings featured higher operating margin, up 150 basis points year over year, driven primarily by strong cost management efforts. We have revisited our assumptions after incorporating management’s more optimistic near-term guidance and the probability-weighted impact from the ongoing conflict between China and the U.S. After changes to our forecasts, w...
- Ivan Su
Fine-Tuning Short and Long-Term Assumptions on China Eastern, FVE Main...
No-moat China Eastern reported solid first-quarter results and provided some guidance for the remainder of 2019. The carrier’s first-quarter earnings featured higher operating margin, up 150 basis points year over year, driven primarily by strong cost management efforts. We have revisited our assumptions after incorporating management’s more optimistic near-term guidance and the probability-weighted impact from the ongoing conflict between China and the U.S. After changes to our forecasts, w...
- Ivan Su
Morningstar | China Eastern Airlines' 4Q Results in Line, FVE Maintain...
Our fair value estimate for no-moat China Eastern is unchanged at HKD 4.25 (CNY 3.70) following fourth-quarter results because the impact of slower capacity expansion was offset by markedly stronger yield. While the carrier’s near-term capacity growth will be matched by strong demand for air travel, we do not see any more upside in yield over the next five years. We also believe the indefinite grounding of Boeing 737 MAX 8 planes will weigh on China Eastern’s capacity expansion in 20...
- Ivan Su
Morningstar | China Eastern Airlines' 4Q Results in Line, FVE Maintain...
Our fair value estimate for no-moat China Eastern is unchanged at HKD 4.25 (CNY 3.70) following fourth-quarter results because the impact of slower capacity expansion was offset by markedly stronger yield. While the carrier’s near-term capacity growth will be matched by strong demand for air travel, we do not see any more upside in yield over the next five years. We also believe the indefinite grounding of Boeing 737 MAX 8 planes will weigh on China Eastern’s capacity expansion in 20...
- Ivan Su
China Eastern Airlines' 4Q Results in Line, FVE Maintained; Shares Rem...
Our fair value estimate for no-moat China Eastern is unchanged at HKD 4.25 (CNY 3.70) following fourth-quarter results because the impact of slower capacity expansion was offset by markedly stronger yield. While the carrier’s near-term capacity growth will be matched by strong demand for air travel, we do not see any more upside in yield over the next five years. We also believe the indefinite grounding of Boeing 737 MAX 8 planes will weigh on China Eastern’s capacity expansion in 20...
- Ivan Su
Morningstar | China Eastern's Shares Not Attractive Despite Cost Savin...
We continue to see the China Eastern Airlines' 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 a 0.3% decline in cargo carried. Management expects a passenger capacity increase of 9% for 2019, a rate that we think should be matched by demand. The firm also expects to further reduce ex-...
- Ivan Su
China Eastern's Shares Not Attractive Despite Cost Savings Ahead
We continue to see the China Eastern Airlines' 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 a 0.3% decline in cargo carried. Management expects a passenger capacity increase of 9% for 2019, a rate that we think should be matched by demand. The firm also expects to further reduce ex-...
- Ivan Su
Morningstar | CEA Has No Moat Despite Being One of the Big Three Domes...
In terms of revenue and passenger-carrying capacity, China Eastern is ranked as the third-largest airline in the fast-growing, increasingly competitive Chinese airline market. Domestic competition is still on the rise, but the international markets are poised to become the company’s main revenue growth driver. We expect China Eastern’s net income and revenue to grow at 10% and 6% per year, respectively, between 2018 and 2022. The positive net income growth catalysts include favorable jet-fue...
- Ivan Su
CEA Has No Moat Despite Being One of the Big Three Domestically, Owing...
No-moat China Eastern Airlines reported 2018 third-quarter results that featured solid revenue growth but higher fuel cost and foreign currency headwinds continue to weigh on the bottom line. The carrier’s third-quarter net profit came in at CNY 2.4 billion, tracking slightly ahead of our full-year expectations. We maintain our fair value estimate of HKD 4.25 on China Eastern Airlines and recommend prospective investors seek a wider margin of safety before investing in the name. On the revenu...
- Ivan Su
Morningstar | CEA Has No Moat Despite Being One of the Big Three Domes...
In terms of revenue and passenger-carrying capacity, China Eastern is ranked as the third-largest airline in the fast-growing, increasingly competitive Chinese airline market. Domestic competition is still on the rise, but the international markets are poised to become the company’s main revenue growth driver. We expect China Eastern’s net income and revenue to grow at 10% and 6% per year, respectively, between 2018 and 2022. The positive net income growth catalysts include favorable jet-fue...
- Ivan Su
CEA Has No Moat Despite Being One of the Big Three Domestically, Owing...
No-moat China Eastern Airlines reported 2018 third-quarter results that featured solid revenue growth but higher fuel cost and foreign currency headwinds continue to weigh on the bottom line. The carrier’s third-quarter net profit came in at CNY 2.4 billion, tracking slightly ahead of our full-year expectations. We maintain our fair value estimate of HKD 4.25 on China Eastern Airlines and recommend prospective investors seek a wider margin of safety before investing in the name. On the revenu...
- Ivan Su
Morningstar | China Eastern Posted Decent Third-Quarter Results Despit...
No-moat China Eastern Airlines reported 2018 third-quarter results that featured solid revenue growth but higher fuel cost and foreign currency headwinds continue to weigh on the bottom line. The carrier’s third-quarter net profit came in at CNY 2.4 billion, tracking slightly ahead of our full-year expectations. We maintain our fair value estimate of HKD 4.25 on China Eastern Airlines and recommend prospective investors seek a wider margin of safety before investing in the name. On the revenu...
- Ivan Su
Morningstar | China Eastern Posted Decent Third-Quarter Results Despit...
No-moat China Eastern Airlines reported 2018 third-quarter results that featured solid revenue growth but higher fuel cost and foreign currency headwinds continue to weigh on the bottom line. The carrier’s third-quarter net profit came in at CNY 2.4 billion, tracking slightly ahead of our full-year expectations. We maintain our fair value estimate of HKD 4.25 on China Eastern Airlines and recommend prospective investors seek a wider margin of safety before investing in the name. On the revenu...
- Ivan Su
China Eastern Posted Decent Third-Quarter Results Despite Rising Fuel ...
No-moat China Eastern Airlines reported 2018 third-quarter results that featured solid revenue growth but higher fuel cost and foreign currency headwinds continue to weigh on the bottom line. The carrier’s third-quarter net profit came in at CNY 2.4 billion, tracking slightly ahead of our full-year expectations. We maintain our fair value estimate of HKD 4.25 on China Eastern Airlines and recommend prospective investors seek a wider margin of safety before investing in the name. On the revenu...
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