Table of Contents
Investment Summary 3
History of China’s Airline Sector 4
Outlook and Growth Drivers 6
Industry Overview
Regulations 8
Competition / Capacity 8
Operating and Financial Performance 12
Jet Fuel and Fuel Hedging 14
Comparing China’s Big Three with Cathay Pacific 15
Restructuring and Reform 19
Key Risks 20
Valuations 21
Appendix: Deregulation in the U.S. 23
Stock Profiles
Cathay Pacific 24
Air China 40
China Southern Airlines 58
China Eastern Airlines 76