Air China Ltd (H)

Air China (753 HK): Down but Not Out

Equity Bottom-Up
161 Views, 18 Jan 2022 08:21
EXECUTIVE SUMMARY
  • Passenger traffic momentum of Air China Ltd (H) (753 HK) has picked up in Dec and it also narrowed down it gap against China Southern Airlines (1055 HK)
  • The resurgence of international traffic over the next two years with more border openings will provide significant benefits to Air China, helping it to recover its depressed load factors.
  • Air China outperformed HSCEI by 3.6pp YTD, but we still consider its P/B of 1.0x, or around historical average, not stretched. Strength of Rmb is also a potential positive factor.
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Osbert Tang, CFA
China Analyst - Onshore Credit, Equity Long-Short
Hong Kong & ChinaIndustrials & UtilitiesEquity Bottom-UpThematic (Sector/Industry)

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, indus... 

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