China's airlines prepare for busiest ever National Day Holiday - Share Wrap
China’s airlines are currently preparing for the largest National Day Holiday in the country’s history, with an estimated 200 million people expected to travel during the eight-day holiday period, up 13% year-on-year, according to the National Tourism Administration.
China Southern is optimistic ahead of the holiday period (which commences on 01-Oct-2009) and has added 1,135 flights to its schedule to match expected demand. The carrier stated it is expecting a surge in domestic travel, with international travel also popular, with international destinations, including Dubai, Tokyo, Osaka and Incheon, expected to experience load factors of 85% over the holiday period.
China Southern up on Goldman Sachs upgrade
China Southern's shares gained 4.0% yesterday, following an upgrade from Goldman Sachs, from ‘neutral’ to ‘buy’. The carrier’s share price target (in Hong Kong) was also upgraded from HKD1.89 to HKD3.00 per share.
China Eastern Airlines' shares fell 0.8% yesterday, despite early trading gains. Goldman Sachs reinstated coverage on the company's Hong Kong-listed shares with a ‘sell’ rating and HKD2.00 price target.
Kingfisher planning to raise USD175 million
Kingfisher Airlines' shares slipped 0.2% yesterday, as reports emerged the carrier plans to raise USD175 million through a rights issue (USD80-100 million) and global depository receipts (GDRs) (USD60-75 million) by Mar-2010. The carrier currently has USD1.2 billion in debt, of which almost a third relates to new aircraft purchase payments.
Asia Pacific selected airlines daily share price movements (% change): 22-Sep-09