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【出版时间及名称】：2009年11月全球航空行业研究报告
【作者】：摩根斯坦利
【文件格式】：PPT
【页数】：70
【目录或简介】：
Recent Global Trends and Highlights
• US Trends Have Bottomed and Are Recovering Gradually: The US
Airline Industry has cut an unprecedented level of capacity since late ’08.
Traffic trends have bottomed and load factors are showing YoY strength,
which could continue should capacity discipline hold in 2010.
• Europe Trends Have Stabilized: Europe RPK YoY growth is up off of
Spring ’09 lows and legacy and low-cost carrier load factors are now
showing signs of YoY strength.
• Latin America Traffic Is Improving: Mexico airport traffic saw a sharp
decline in the wake of H1N1, but has now normalized. More significantly,
Brazil traffic and load factors are showing marked YoY strength since the
summer.
• Asia (ex-China) Shows Seq Traffic Improvement, Capacity Cuts
Continue: Asia (ex-China) load factor trends are showing YoY strength
in 2H09, as traffic trends are showing sequential improvement off of their
mid-year trough and capacity cuts remain in place.
• China Continues to Grow Rapidly: China traffic and capacity
continue to grow markedly YoY – loads remain stable in this growing
market.
• Australia is Growing YoY: While many of the more developed
markets are improving sequentially off of early-’09 lows but still declining
on a YoY basis, Australia trends have now resumed positive YoY growth.
Notably, Australia trends troughed shallower than others.
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