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【出版时间及名称】：2010年1月亚太航空行业研究报告
【作者】：MIRAE ASSET
【文件格式】：pdf
【页数】：28
【目录或简介】：
CONTENTS
Higher growth, better sentiment...................................................................1
Traffic continues to grow and improve load factors......................................3
China Southern Airlines (1055 HK, Buy, TP: HK$3.73) 3
Air China (753 HK, Hold, TP: HK$5.96) 3
China Eastern Airlines (670 HK, Reduce, TP: HK$1.32) 3
Cathay Pacific (293 HK, Reduce, TP: HK$9.69) 3
Korean Air (003490 KS, Hold, TP: W40,000) 3
Asiana Air (020560 KS, Reduce, TP: W3,500) 3
Singapore Air (SIA SP, Reduce, TP: S$10.49) 3
Profit to expand in 2010 as load factors improve..........................................6
Sentiment to remain positive in 1Q10...........................................................7
Risk factors: cycles and valuations................................................................8
COMPANY SECTION
China Southern Airlines (1055 HK, BUY): High exposure to ‘safe haven’ China to boost valuations................................................................................................9
Upgrade to BUY; traffic is lifting off 9
High speed railway is not as critical a threat as feared 9
Source: Company data, Mirae Asset Research 10
Resiliency of domestic market paying off 11
Valuation set to receive a further boost 12
Air China (753 HK, Hold): Strong foothold in China.........................................16
Upgrade to Hold; traffic on the rise 16
Pre-hedging gains to grow 157.3% in 2010 16
Source: Company data, Mirae Asset Research 17
Source: Company data, Mirae Asset Research 17
Key risks; fuel cost and high-speed railway competition 17
Sector consolidation to benefit majors like Air China 18
Korean Air (003490.KS, Hold): Stronger won pays off....................................22
Upgrade to Hold; still no great upside on the horizon 22
No earnings surprise in 4Q09 22
Source: Bloomberg, Mirae Asset Research 23
Valuation looks bloated in view of its unimpressive ROE 23
Source: Bloomberg, Mirae Asset Research 24
Upside risks: won appreciation and China momentum 24
Analyst team profile.....................................................................................27
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