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中国东方航空今年1月份营运数据显示:东航三大客运市场已全面复苏,1月份乘客量大幅增长33%至135.5万人次,相信交通表现理想将利好公司上半年业绩。不过,国泰可能加入沪港航空市场、航油价格上调及开征航线使用费将增添今年东航盈利的不确定性。我们认为近日东航股价急升已部分反映了市场对人民币升值的预期。由于公司股价已基本升抵我们早前所预计的1.65港元目标价,投资评级由“收集”下调至“中性”。
The operating data of China Eastern Airlines in January this year shows that the three major passenger transport markets of China Eastern Airlines have been fully recovered. Passengers increased significantly by 33% to 1.355 million in January. I believe the satisfactory traffic performance will benefit the first half of the Company’s performance. However, Cathay Pacific may join the Shanghai-Hong Kong aviation market, jet fuel price increases and the introduction of route royalties will increase the uncertainty of China Eastern Airlines profit this year. We think the recent soaring share prices of CEA have partly reflected the market’s expectation of RMB appreciation. Investment rating was lowered from “Accumulate” to “Neutral” as the Company’s share price has basically reached our target price of HK $ 1.65 as we expected earlier.