Air China's transportation volume in August was high. In August and September, the company ordered 15 B787 and 4 B777 aircrafts. From the beginning of this year, Air China has accumulated order book of US$ 8.46 billion, indicating that the management are optimistic on the domestic and international market in next 5 years. We maintain our new target price of HK$10.50. Downgrade the counter to Neutral.
Transportation volume in August was high. In August, Air China's RPK was 8,070 million, up 19% YoY. Passenger load factor was 84%. RFTK was 367 million, up 17% YoY. Cargo and mail load factor was 59%.
Choose B787 as mid-term wide-body aircraft. In August, Air China ordered 15 B787 aircraft. These aircrafts will be delivered after 2015. This means that Air China has dropped A350 or A380 as its mid-term wide-body aircraft.
Ordered aircrafts frequently in this year. From the beginning of this year, Air China has accumulated order book of US$ 8.46 billion, indicating that the management are optimistic on the domestic and international market in next 5 years. Currently the management does not take high-speed railroads as its strong competitors.
中国国航8月运输量处于高位。8月和9月，公司又分别订购15架波音787和4架波音777客机。今年以来密集订购飞机，总订单金额已经高达84.6亿美元，订购机型包括宽体客机和窄体客机。密集的运力订单显示管理层对未来国内和国际客运需求和公司的竞争力乐观。我们维持公司每股HK$10.50的目标价，评级下调至"中性"。
8月运输量处于高位 8月公司RPK为8,070百万人公里，同比增长19%。客座率为84%。RFTK为367百万吨公里，同比增长17%。货运载运率为59%。
宽体飞机押注波音787机型 公司于8月订购15架波音787客机，总代价31.9亿美元，交付期在2015年后。这一点公司与国泰航空有区别。国泰航空在2015年以后重点接收的宽体客机机型为空客350。
今年以来密集订购飞机，显示管理层对未来国内和国际客运需求乐观 2009年内公司没有订购飞机。2010年初以来，公司密集订购飞机，总订单金额已经高达84.6亿美元，订购机型包括宽体客机和窄体客机。管理层一方面决定稳步扩大国际航线运力，另一方面对国内高铁的竞争并不担忧。
0 评论:
发表评论