Table of Contents
Air cargo traffic picking up ............................................................... 3
Key earnings, target price and recommendation changes ............ 5
Key risks ............................................................................................. 6
Air China............................................................................................. 8
Beijing Cap Int'l Airport................................................................... 12
Cathay Pacific................................................................................... 16
China Airlines................................................................................... 20
China Eastern Airlines ..................................................................... 24
China Southern Airlines .................................................................. 28
EVA Airways .................................................................................... 32
Korean Air......................................................................................... 36
Singapore Airlines ........................................................................... 41