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2009-6-24 12:23:00 p.m. HKT, XFNA
DJ MARKET TALK:GuocoCapital Keeps Neutral On China Airline Sector
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| 1210 [Dow Jones] GuocoCapital remains Neutral on China airline sector, despite likely drag from recent recovery in crude oil price, spread of swine flu across globe. While tipping sector won't outperform vs H-share index near-term, expects Air China (0753.HK), China Southern (1055.HK) could stage FY09 earnings turnaround, after both recorded substantial FY08 losses, due to reversal of fuel hedging losses. "Domestic traffic data should continue to recover while international market should remain weak for the rest of 2009," it says. Air China +2.6% at HK$3.54, China Southern +2.6% at HK$2.01, on rebound after falling 3.6%, 3.9%, respectively Tuesday. HSI +1.1%. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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