PDF《东方航空（670.HK）》

600029 CH Equity A 5,524 10.2 8.8 6.3 1.0 2.2 17.32

600115 CH Equity CHINA EASTERN AIRLINES-A 5,588 11.2 9.4 N/A 1.2 2.7 25.85

600221 CH Equity HAINAN AIRLINES-A 4,114 10.3 8.8 N/A 1.0 2.4 19.53 LHA GR Equity DEUTSCHE LUFTHANSA-REG 6,998 29.5 12.1 3.3 0.6 0.6 -0.16 AF FP Equity AIR FRANCE-KLM 2,463 N/A N/A 8.0 0.4 -4.4 -14.19 RYA ID Equity RYANAIR HOLDINGS PLC 8,402 14.0 12.5 6.8 2.0 5.8 17.90 IAG LN Equity INTL CONSOLIDATED AIRLINE-DI4,828 N/A 15.1 4.6 0.7 1.1 11.45

670 HK Equity CHINA EASTERN AIRLINES -H 5,588 9.2 6.9 5.7 1.2 2.7 25.85

293 HK Equity CATHAY PACIFIC AIRWAYS 7,320 48.9 17.0 10.1 1.1 1.2 9.99

1055 HK Equity H 5,524 12.2 9.1 6.3 1.0 2.2 17.32

753 HK Equity AIR CHINA-H 10,058 13.8 10.4 7.1 1.3 2.3 16.18

9202 JP Equity ALL NIPPON AIRWAYS 7,387 13.3 10.9 4.3 0.8 2.0 5.27

003490 KS Equity KOREAN AIR LINES 3,147 27.1 12.6 8.9 1.3 -1.0 -8.43 SIA SP Equity SINGAPORE AIRLINES 10,069 26.3 16.2 3.8 1.0 1.6 2.48 DAL US Equity DELTA AIR LINES INC 8,190 5.3 3.8 4.2 N/A 3.3 N/A UAL US Equity UNITED CONTINENTAL 6,386 9.7 4.9 4.0 3.5 -0.6 47.55 LUV US Equity SOUTHWEST 6,509 16.2 9.7 4.0 0.9 2.7 2.71 Average 6,378 16.5 10.2 5.7 1.1 1.5 11.60 Source: Bloomberg, PSR 东方航空 东方航空 东方航空 东方航空(670.HK) Phillip Securities (Hong Kong) Ltd Research

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4 FYE DEC FY09 FY10 FY11F FY12F FY13F Valuation Ratios P/E (X), adj. 84.9 5.1 5.5 6.4 4.3 P/B (X) 17.1 1.6 1.2 1.1 0.9 Dividend Yield (%) 0.0% 0.0% 0.0% 0.0% 0.0% Per share data (R........