报告名称：Spring Airlines(601021)1st Take： “First Mover” to North Korean Market
报告类型：点评报告
报告日期：2015-11-25
研究机构：摩根士丹利
股票名称：春秋航空
股票代码：601021
页数：6
简介：As reported by various media sources, including Reuters, Spring Airlines plans to launch new flight services between Shanghai Pudong and Pyongyang, North Korea, in February 2016, at a frequency of four flights/week. According to the company, final implementation will still be subject to approval from both the North Korean authorities and the Civil Aviation Administration of China (CAAC).
If these new flights are approved, Spring Airlines will become the third airline in the world with scheduled flight services to North Korea, after Air Koryo and Air China. Air Koryo is the only carrier in North Korea, operating regular flights between Pyongyang and Beijing, and occasionally seasonal routes to Shanghai, Kuala Lumpur and Vladivostok. Air China currently has two flights/week to Pyongyang (three flights/week in the summer).
According to CEIC, the number of China’s outbound tourists to North Korea nearly doubled to 237,000 in 2012, from 131,000 in 2010. However, this represented less than 4% of the 6.13m Chinese tourists to South Korea in 2014, implying strong growth potential for “first movers” – Spring Airlines would be the first mover as an LCC and privately owned carrier, or one of the first movers overall in this untapped market.
North Korea continues to be the subject of comprehensive sanctions programs administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the European Union and/or by other countries and multi-national bodies.

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