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RTNominal up3.420 +0.040 (+1.183%)

31/12/2020 11:15

{I-bank focus}Daiwa lowers China Eastern Airlines to HK$3.7

[ET Net News Agency, 31 December 2020] Daiwa Research lowered its target price for
China Eastern Airlines (CEA) (00670) to HK$3.7 from HK$3.8 and downgraded its rating to
"outperform" from "buy".
The research house noted that CEA's subsidiary OTT Airlines completed its first
commercial flight in late December from Shanghai Hongqiao Airport to Beijing Capital
International Airport (00694).
Daiwa said CEA's share price is still down by 20% year-to-date. Compared with its 3-year
average valuation of 1x PBR, CEA's current valuation implies a 10% upside.
Daiwa revised its 2020 RPK (revenue passenger kilometers) for CEA to a drop of 52% from
a 50% fall on the slightly lower-than-expected domestic RPK in November. However, for
2021, it revised up its RPK growth forecast from 59% to 77% rise given the continual
recovery in domestic traffic and possible recovery in international travel in 2H 2021.

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