中国东方航空股份(00670)
CEA’s RPK growth slowed to 12.9% YoY in Oct-16, from 15.2% YoY in Sept-16.Weakness was found on both international (+20.1%, vs. +28.6% in Sept-16) andregional routes (-3.7%, vs. +2.8% in Sept-16), while domestic RPK growth edged up marginally to 10.4%, from 9.8% in Sept-16.
YTD, RPK growth was 14.2% YoY, slightly slower than 14.5% YoY for the sameperiod in 2015. Despite strength on international (+30.5%, vs. +24.6% in F10M15) and regional routes (+3.2%, vs. -4.5% in F10M15), a slowdown in domestic growth (+7.6%, vs. +11.5% in F10M15) dragged the overall performance.Given 11.8% YoY growth in capacity (ASK), PLF increased 0.8ppt YoY to 81.4% inOct-16, with improvement in both international (+0.1ppt YoY) and regional PLFs(+0.3ppt YoY). For cargo, RFTK growth slowed to 5.1% YoY, vs. 5.8% in Sept-16. As AFTK rose by 3.6% YoY, FLF rose by 0.8ppt to 54.1%.
YTD, RFTK fell marginally, by 0.5%, vs. 1.2% growth for the same period in 2015, with FLF down 4.2ppt to 50.5%. In Oct-16, CEA introduced six aircraft but retired four, with net fleet expansion to 574.
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