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China Eastern seeking fresh government injection


China Eastern reiterated it is seeking a fresh government injection and “other means to raise capital” but added it has no plans at present to invite strategic investors. The carrier needs further funding to support its burgeoning capital investment plans (USD1.68 billion in 2010, up 53% on 2009 levels) and to lower its debt-to-equity ratio to around 70%. [2446 words]

Unlock the following content in this report:


  • China Eastern to join China Southern in SkyTeam; Shanghai Airlines likely to follow?
  • Battle of Shanghai escalates on the cargo front
  • China Eastern Airlines first quarter profits and traffic surges following absorption of Shanghai Airlines
  • Passenger numbers up 43%; growth trajectory to be maintained with Shanghai World Expo
  • Strong turnaround in profitability in 2009
  • Yields remain under pressure
  • Domestic traffic and revenues strong
  • Details of the China Eastern and Shanghai Airlines merger
  • Improving outlook, but fundamental concerns remain

Graphs and data:

  • China (including Hong Kong and Macau) international and domestic capacity share in Mar-2010
  • China Eastern Airlines financial results: Three months ended 31-Mar-2010 (Chinese Accounting Standards)
  • China Eastern Airlines total financial status growth (Chinese accounting standard): 31-Dec-2009 vs 31-Mar-2010
  • China Eastern Airlines Total Assets: 31-Dec-2009 vs 31-Mar-2010
  • China Eastern Airlines financial and traffic growth in 1Q2010
  • China Eastern Airlines passenger numbers growth: 2000-2010F
  • China Eastern Airlines passenger load factor trend: 2000 to 2009
  • China Eastern Airlines financial results: 12 months ended 31-Dec-2009 (International Accounting Standards)
  • China Eastern Operating profit margin and net profit margin: 2003-2009
  • Operating costs breakdown in 2009
  • China Eastern operating revenue growth and operating costs growth: 2004-2009
  • China Eastern Airlines 10 Years passenger numbers growth: 2000 to 2009
  • China Eastern Airlines Corporation Limited shareholding structure
  • China Eastern Airlines Corporation Limited Top Ten shareholders following exchange of A shares
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