Cyclical plays as Asia recovers 5
Does cargo lead the cycle? 6
Freight – performance and forecasts 6
Drybulk trade 8
Passenger performance and outlook 9
Demand versus supply 9
Top picks and key sells 11
Financials & valuation – Airlines 15
Air Asia 16
Air China 17
Cathay Pacific 18
China Airlines 19
China Eastern Airlines Co 20
China Southern Airlines Co 21
Korean Air 22
Malaysia Airlines 23
Singapore Airlines 24
Financials & valuation – Airports 25
Beijing Capital International 26
Hainan Meilan Airport 27
Hong Kong Aircraft Engine 28
Financials & valuation – Marine 29
China Merchants International 30
China COSCO Holdings Co 31
COSCO Pacific 32
China Shipping Development 33
Neptune Orient Lines 34
Orient Overseas International 35
Pacific Basin Shipping 36
Sinotrans 37
Sinotrans Shipping Ltd 38
STX Pan Ocean 39
Disclosure appendix 41
Disclaimer 44
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