BNP 航空业报告_China & HK Aviation

5 February 2007 53页 英文

China aviation plays have performed well on strong volumes, appreciating RMB, declining fuel costs, and conceptual benefits from 2008 Olympics. We note however that as domestic growth is projected to outpace international, and impact from landing charge restructuring may differ from market beliefs, CSA and TravelSky may be better bets than BCIA.

China’s aviation industry in RPK (revenue passenger km) terms has
grown at a rapid pace of 11.2% pa since 1985. This is more than double
the 4.5% growth rate seen by the rest of the world, over the same time
frame.
Such exceptional growth is expected to continue over the next 20 years.
In its most recent aviation market outlook, Boeing projected overall RPK
growth of 7.2% pa for China over the next 20 years commencing 2005,
compared to the growth rate of 4.7% pa for the rest of the world over the
same period.