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Research Report

06/05/2021 17:58

{I-bank focus}Morgan ups China Eastern Airlines to HK$4.4

[ET Net News Agency, 6 May 2021] Morgan Stanley lifted its target price for China
Eastern Airlines (CEA) (00670) to HK$4.4 from HK$4.19 and maintained its "overweight"
The research house said CEA's earnings may stay under pressure for the next 6 to 12
months due mainly to oversupply. However, Morgan sees sequential traffic and earnings
improvement leading to a turnaround in 2Q and 3Q, after bottoming out in 1Q.
Morgan estimated an Rmb1.5bn net loss in 2021, before recovering to a net profit of
Rmb4.5bn in 2022 (exceeding 2019 level) on non-domestic traffic recovery, and further to
Rmb6.8bn in 2023. It also sees potential catalysts from strong China domestic travel
recovery and vaccine developments. (KL)

Remark: Real time quote last updated: 09/12/2021 17:59
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