DOCSLIB.ORG

Corporate Capital Airports Holding Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Corporate Capital Airports Holding Company Corporate China Capital Airports Holding Company Ratings Overview Issuer Rating . Pengyuan International has assigned a first-time global scale long-term issuer LT Issuer Credit Rating A- credit rating (LTICR) of “A-“ to Capital Airports Holding Company (CAH), with a stable outlook. Outlook Stable . The rating reflects CAH’s position as China’s leading airport business: the Group operates one of the most strategically important airports in China, and the new addition of Daxing International airport may open up new business and growth potentials. Contents . Founded in 2002 and headquartered in Beijing, Capital Airports Holding Company is subordinated to the Civil Aviation Administration of China. Through its subsidiaries, the Group mainly engages in airport management, Key Rating Drivers ........................... 1 airport construction, logistics, real estate, hotel management and financial Business Profile……………………...3 investment. The Group manages 54 airports in seven provinces and autonomous regions, including Beijing, Tianjin, Hebei, Jiangxi, Jilin, Inner Financial Profile……………………...7 Mongolia and Heilongjiang. By passenger traffic, the Group is one of the Liquidity ........................................... 8 largest airport management groups in the world. Company Background ..................... 9 Rating Outlook Peer comparison............................ 10 . The stable outlook for CAH reflects Pengyuan International’s expectation that Rating Scores Summary ................ 12 the Group will be able to maintain its market position as one of the leading Related Criteria .............................. 12 airport groups in the world, buoyed by its strong regional advantage and efficient cash flow management. Pengyuan International expects the Group to remain a direct affiliate of the Civil Aviation Administration of China. We would consider downgrading CAH’s issuer credit rating if its credit profile Contacts deteriorates substantially, which could be caused by: 1) a significant decrease in passenger traffic and cargo market share; 2) weakening willingness from the central government to support the Group; and 3) substantial deterioration Primary Analyst in the Group’s financial profile. Name Jonathan Joseph Tai, CFA Title Analyst . We would consider upgrading CAH’s issuer credit rating if its credit profile Direct +852 3615 8276 improves substantially, which could be caused by strengthened ties with the Email [email protected] central government. Secondary Analyst Financial Summary Name Brian Lam Title Director Exhibit 1: Financial Ratios Direct +852 3615 8339 2019A 2020A 2021F 2022F 2023F Email [email protected] Debt/EBITDA NC NM N.M 5.45x 4.74x EBITDA Interest Coverage 3.39 N.M 0.00 1.88 2.51 Gross Debt/Capitalisation 25.52 28.19 30.78 32.68 34.35 FFO/Debt NC -84.9% -4.9% 14.1% 17.0% OCF/Debt NC -45.4% -34.9% 6.5% 10.8% FCF/Debt NC -144.2% -69.8% -26.4% -16.3% ROIC 5.6% -6.0% -5.0% -1.6% -0.4% NC=Net Cash, NM= Not meaningful Sources: Group, Pengyuan International 18 June 2021 Page | 1 RA02050200021 Corporate China Key Rating Drivers Credit Strengths Important industry position and leading scale advantage. In normal business conditions, the Group has reported almost 40% higher in revenue and has nearly doubled the passenger traffic than the second largest airport. The Group has an airport portfolio focusing on the northern region of China, and has a total of 54 airports. Notably. Beijing Capital Airport, one of the Group’s subsidiaries and one of the most important airport hubs in China, ranks first in terms of passenger and air traffic, and second in terms of air cargo delivered in FY2019 or normal business conditions. With the commencement of Daxing International Airport, the Group’s long-lasting operating capacity problem has been relaxed and it has opened up a lot of synergistically real estate and airport operation business potential. Strong governmental connections and importance with the aviation authority of China. Fully-owned by the Civil Aviation Administration of China, the Group has been long-time receiving government support in the form of income, tax cuts and direct asset injections. We see the government’s strong influence over CAH’s long term strategies, by appointing board members and senior management to the Group. The Group’s control over the two Beijing airports – with Beijing Capital being one of the most important airport hubs in China – solidifies its importance to the government. In addition, the Group’s products and services represent an image of China, and it is also strategically important for the region’s economic development, and in some occasions vital for national security. Given its strong ties with and importance to the government, we expect CAH to continue to receive government support in distressed situations. Maintain solid leverage and liquidity profile amid the epidemic. Despite the impact of the epidemic, the Group has maintained decent liquidity without requiring more borrowing and equity financing. The Group has arguably slightly tight liquidity after withstanding one of most disastrous events in the industry. This is because a significant large portion of the Group’s expenses is non-cash, hence the impact on liquidity is less significant than income. Credit Weaknesses Profitability under pressure. The COVID-situation has already posed unprecedented challenges to the Group, with additional idiosyncratic risks exerting more pressure on the Group: PP&E more than doubled in FY2019 mainly due to the addition of Daxing international airport, which had significantly increased the Group’s operational fixed cost. Depreciation, for instance, increased to RMB5.3 billion in 2020, representing roughly 37.5% of revenue, and more than 150% increase from 2018’s figure. The increase in PP&E and depreciation will create future maintenance CAPEX pressure while the Group’s liquidity level is now relatively low. In addition, future profits are also under pressure amid uncertainties due to the increased operating leverage and the COVID situation. Less efficient asset turnover and cost control. Compared to international airport groups, the Group is subject to more political interference, and we observe that Chinese airport groups, regardless of their business focuses on global or domestic markets, are generally less efficient in asset turnovers and operating expense control than their international counterparts in normal business conditions. The Group’s business operations are heavily dictated by the government and its policies, while some of these policies can be beneficial to the Group, it can also limit the Group’s flexibility to take advantage of the booming industry or force the Group to incur inefficient capital expenditures. 18 June 2021 Page | 2 RA02050200021 Corporate China Exhibit 1: Key Credit Metrics (RMB in millions) 2019A 2020A 2021F 2022F 2023F Financials and Profitability Revenue 24,874 15,903 18,125 23,156 26,260 EBITDA 6,976 -2,339 8 4,126 5,831 EBITDA Margin 28.0% -14.7% 0.0% 17.8% 22.2% Return on assets (ROA) 4.5% -3.7% -3.0% -1.0% -0.2% Return on invested capital (ROIC) 5.6% -6.0% -5.0% -1.6% -0.4% Cash Flow Measures Funds from operations (FFO) 3,012 -5,218 -858 3,165 4,708 Operating cash flows (OCF) 17,898 -2,790 -6,133 1,460 2,979 Free cash flow (FCF) 12,558 -8,864 -12,251 -5,926 -4,492 Discretionary cash flow (DCF) 12,558 -8,864 -12,251 -5,926 -4,492 Capital expenditure 5,341 6,075 6,118 7,386 7,471 Balance Sheet Measures Cash and liquid investments 43,919 37,086 28,051 25,860 23,622 Excess cash 41,667 34,013 25,014 22,654 20,219 Total debt 37,962 40,160 42,570 45,124 47,831 Adjusted debt -3,705 6,147 17,555 22,470 27,612 Total capitalisation 148,765 142,454 138,282 138,077 139,258 Leverage Measures Debt/EBITDA NC NM NM 5.4x 4.7x EBITDA/Interest expense 3.4x NM 0.0x 1.9x 2.5x Gross Debt/Capitalisation 25.5% 28.2% 30.8% 32.7% 34.3% FFO/Debt NC -84.9% -4.9% 14.1% 17.0% OCF/Debt NC -45.4% -34.9% 6.5% 10.8% FCF/Debt NC -144.2% -69.8% -26.4% -16.3% DCF/Debt NC -144.2% -69.8% -26.4% -16.3% Debt/Equity -3.3% 6.0% 18.3% 24.2% 30.2% FFO/Cash interest expense 1.5x -2.5x -0.4x 1.4x 2.0x NC=Net Cash, NM= Not meaningful Sources: Group, Pengyuan International Business Profiles Important industry position and location advantage The Group is the largest airport group in China in terms of assets and passenger traffic, and it is directly affiliated to the Civil Aviation Administration of China (CAAC), which is the aviation authority under the Ministry of Transport of the China. The Group has a total of 54 airports scattered around Beijing, Tianjin, Hebei, Jiangxi, Jilin, Inner Mongolia and Heilongjiang. It has essentially strong control of airports in the northern and north-east region of China. Exhibit 3: Key Performance Indicators in 2019 250 4,500 1,800 Capital Airport Group 4,000 1,600 Shanghai Airport Group Guangzhou Baiyun 200 3,500 1,400 Chongqing Airport Group 3,000 1,200 Eastern Airport Group 150 2,500 1,000 Zhejiang Airport Group Haihang Airport Group 2,000 800 100 1,500 600 1,000 50 400 500 200 0 0 0 Passenger Traffic, in millions Cargo Volume in thousand tonnes Arrival and Landing, in thousands Sources: companies, Pengyuan International In “normal” years, or the pre-pandemic periods, CAH led the industry by almost double the passenger traffic and its revenue was almost 40% higher than the second largest airport group in China: Shanghai Airport Group. In addition, the Group has solid fundamental growth. It has recorded a 2-year CAGR of 6.7% and 13.6% in passenger traffic and cargo volume.
Load more

Recommended publications
  • 00E Security Cover 0..0
    IMPORTANT NOTICE NOT FOR DISTRIBUTION IN THE UNITED STATES NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES OR ANY U.S. PERSONS. THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE ADDRESSEES OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following before continuing. The following applies to the supplement to the offering circular following this page (the ‘‘Supplement’’), and you are therefore advised to read this carefully before reading, accessing or making any other use of this Supplement. In accessing this Supplement, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (‘‘REGULATION S’’), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THIS OFFERING IS MADE SOLELY IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S UNDER THE SECURITIES ACT.
    [Show full text]
  • 序列号 航协号 公司名称 到账日期 1 08000016 Xi Zang Feixin
    序列号 航协号 公司名称 到账日期 1 08000016 XI ZANG FEIXIN INFORMATION 2018/11/15 2 08000020 CHENGDU YAT TATSU TICKET AGENC 2018/12/24 3 08000031 YUNNAN SATCOM AVIATION SERVICE 2018/11/14 4 08000064 LUNAN HOPE PHARMACEUTICAL 2018/11/16 5 08000086 WUXI BESTWAY AIR TRANSPORT 2018/11/5 6 08000101 TIANJIN FUXIANG FU TICKET AGEN 2018/12/20 7 08000123 YUNNAN TENGBANG INTERNATIONAL 2018/11/15 8 08000134 SHAANXI FLY AIR TRAVEL SERVICE 2018/11/7 9 08000145 ZHANGJIAGANG YABO INTERNATIONA 2018/12/18 10 08000156 HENAN YULAI AERONAUTICAL 2018/11/14 11 08000160 FUYANG GUOCHUN AIR SERVICE 2018/12/23 12 08000171 GUANGZHOU YUNQI BUSINESS SERVI 2018/11/13 13 08000182 SHANGHAI XUNDU TOURISM 2018/12/26 14 08000193 SONGYUAN CHAGANHU AIRPORT 2018/12/26 15 08000215 URUMQI TONGDA ENTREPRENEURIAL 2018/12/24 16 08000230 HEFEI YUNSHANG AERONAUTICAL 2018/11/13 17 08000252 TIANJIN MEIHUA TICKET SERVICE 2018/11/13 18 08000263 SHANGHAI YOUKE TRAVEL AGENCY 2018/12/24 19 08000300 GUANGZHOU LUTAO INTERNATIONAL 2018/11/8 20 08000333 ZHUHAI HUANG TRAVEL AGENCY 2018/12/26 21 08000381 BEIJING YISHANG TIANXIA TRAVEL 2018/12/24 22 08000403 BEIJING MILLIONAIRE ALLIANCE 2018/12/26 23 08000425 FUZHOU NETSKY INFORMATION 2018/11/21 24 08010262 BEIJING XINGZHONGBIN AIR AGENC 2018/11/5 25 08010564 GUILIN GUIKANG TICKETS CO LTD 2018/11/8 26 08010704 CIXI XUNDA AIR TICKETS CO., LT 2018/11/5 27 08011290 FUZHOU JINYUN HANGKONG HANGYUN 2018/11/9 28 08011441 LIAONING JIANTONG AIR SERVICE 2018/11/13 29 08011544 BEIJING LANYUXING AIR SERVICE 2018/12/24 30 08011824 BEIJING ZHAORI AVIATION SERVIC 2018/11/8 31 08011850 SUCCESSFUL AIR AGENCY CO.
    [Show full text]
  • For Personal Use Only 603 Page 1/3 15 July 2001
    For personal use only 603 page 1/3 15 July 2001 Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder To Company Name/Scheme Virgin Australia Holdings Ltd ACN/ARSN 100686226 1. Details of substantial holder (1) Name HNA Tourism Group Co., Ltd (海航旅业集团有限公司) and each of the other entities set out at Annexure A. ACN/ARSN (if applicable) This notice is given by HNA Tourism Group Co., Ltd (海航旅业集团有限公司)on behalf of itself and each of the other entities named in the list of 1 pages annexed to this notice and marked A. The holder became a substantial holder on 23/06/2016 – 14/08/2017 1 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows: Class of Number of securities Person’s votes (5) Voting power (6) securities (4) ORD 1,676,736,791 1,676,736,791 19.82% 3. Details of relevant interests The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows: Holder of relevant interest Nature of relevant interest (7) Class and number of securities HNA Tourism (International) Investment Group Co., Ltd. acquired 60% of the issued capital of HNA Innovation Ventures (Hong Kong) Co., Limited on 14 August 2017 due to internal HNA Tourism (International) Investment restructuring (as described further at Annexure ORD 1,676,736,791 Group Co., Ltd.
    [Show full text]
  • Offering Circular Supplement
    IMPORTANT NOTICE NOT FOR DISTRIBUTION IN THE UNITED STATES NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES OR ANY U.S. PERSONS. THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE ADDRESSEES OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following before continuing. The following applies to the supplement to the offering circular following this page (the ‘‘Supplement’’), and you are therefore advised to read this carefully before reading, accessing or making any other use of this Supplement. In accessing this Supplement, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (‘‘REGULATION S’’), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THIS OFFERING IS MADE SOLELY IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S UNDER THE SECURITIES ACT.
    [Show full text]
  • 2019年7月中国通用仓储市场动态报告》。2019年7月，物联云仓全国在线仓库面积新增474万m2，总面 积超2.95亿m2，较6月增长2.40%；在线可租面积超3,125万m2，较6月增长6.84%。仓库资源覆盖32个省 份，217个城市，6,685个园区。
    2019年7月 中国通用仓储市场动态报告 在中国仓储与配送协会指导下，物联云仓《中国通用仓储市场动态报告》已连续发布十二期。《报告》通 过对物联云仓实时数据进行汇总、整理，全面反映我国主要物流节点城市的仓储设施租金水平和空置情况，体 现通用仓储市场的供需动态变化，总结市场发展规律，预测市场发展趋势，为了解仓储市场发展情况、合理投 资提供参考依据。 在《报告》一周年之际，物联云仓延续往期成果，扩大统计范围，新增长春、宁波两个物流节点城市，发 布《2019年7月中国通用仓储市场动态报告》。2019年7月，物联云仓全国在线仓库面积新增474万m2，总面 积超2.95亿m2，较6月增长2.40%；在线可租面积超3,125万m2，较6月增长6.84%。仓库资源覆盖32个省 份，217个城市，6,685个园区。 2019年7月 中国通用仓储设施租金水平 全国32个城市仓库平均租金为27.63元/m2·月，环比下降0.50%。其中，东部地区仓库平均租金高于西 部、东北、中部地区。相较6月，中部地区仓库平均租金均有小幅下降，降幅为1.59%；其它四个地区仓库平 均租金波动不大，保持平稳。 仓库平均租金最高的城市仍然是北京、上海、深圳，均高于40元/m2·月。相较6月，三个城市仓储市场稳 定，平均租金波动不大。其中，上海（万科物流地产金山区5.05万m2）、深圳（易代储3号院8.02万m2）两城 有新建高标库投入市场，随着下半年租仓旺季的临近，预计仓储市场或将有所波动。 仓库平均租金最低的城市为太原、石家庄，均低于20元/m2·月。相较6月，太原、石家庄仓库租金波动不 大。从太原市小店区人民政府官网获悉，太原武宿国际机场（山西最大的国际航空口岸）扩建工程即将启动， 机场周边庄武宿村、高中村、北王名村土地将被占用，所涉及范围内仓库面临拆迁，导致仓库需求增加，同时 随着下半年租仓旺季的到来，未来太原市仓库租金或将小幅上涨。 南昌仓库平均租金水平波动最大，环比下降7.89%。因南昌市经济正处于高质量发展转型期，虽然高标库 供不应求，但传统仓库空租率相对较高，价格持续走低，使得南昌整体仓库租金承压，呈现下降趋势。 全国32个城市仓库平均空置率为12.01%，环比上涨1.24%。其中，东北地区仓库空置率高于其它四个地 区。相较6月，东北地区仓库空置率有所上涨，涨幅为3.37%；其它三个地区仓库空置率波动不大。 7月东北地区仓库租金情况 7月中部地区仓库租金情况 （单位：元/m2·月） （单位：元/m2·月） 仓库空置率最高的城市为大连、长春、南昌，均超过26%。相较6月，大连仓库空置率明显上升，升幅为 50.00 50.00 10.93%，一方面，大连部分物流园区于本月交付使用，例如大连万纬物流园（14万m2）、易商大连华康物流 45.00 45.00 园二期（4.6万m2）等，仓储市场供给增加；另一方面，受上半年进出口贸易量收缩影响，导致仓库租赁需求 40.00 40.00 减少。南昌由于传统仓库难以适应经济高质量发展转型需要，空租情况逐渐增多，导致仓库空置率有所上升， 35.00 35.00 升幅为8.55%。 30.00 30.00 25.22 26.92 26.09 23.39 24.15 24.85 25.00 23.44 22.55 25.00 20.67 20.00 20.00 18.50 仓库空置率最低的城市为无锡、太原，均低于5%。相较6月，无锡、太原仓库空置率波动不大，仓储市 2 15.00 15.00 场基本保持平稳。延续上月，无锡仍有新建库投入市场，深国际惠山库（12.21万m ），普洛斯新吴库（6.26 10.00 10.00 万m2）正式交付使用。未来两月，无锡万科物流新吴库（7.92万m2），太原阳曲康产业园区医药仓（33万
    [Show full text]
  • Delivering Hilton Worldwide News to the Travel Agent 2
    February 2019 to March 2019 HotsheetDELIVERING HILTON WORLDWIDE NEWS TO THE TRAVEL AGENT 2 HILTON FOR BusinessWhatever your business, hosting you is ourTravel pleasure Embassy Suites by Hilton New York Midtown Manhattan Home2 Suites by Hilton Columbus Airport East Broad New York City, New York, United States Columbus, Ohio, United States • New hotel near Times Square and Penn Station with scenic skyline views • Extended-stay hotel near dining, entertainment, and Columbus attractions • 310 spacious rooms and suites with 42” TV, desk, fridge, and microwave • 90 rooms and suites with workspace, fully equipped kitchen, and 42” TV • Indoor and outdoor meeting spaces, 24-hour business center, • Meeting and event spaces, business center, and complimentary printing and fitness center • Heated pool, fitness center, complimentary breakfast, and pet-friendly • Complimentary breakfast, evening reception landfill-service catering • 20 minutes from John Glenn Columbus International Airport with shuttle • 25 minutes from LaGuardia International Airport The Rose Hotel Chicago O’Hare, Tapestry Collection by Hilton Hilton Garden Inn Atlanta Midtown Rosemont, Illinois, United States Atlanta, Georgia, United States • Upscale hotel in the center of Rosemont’s shopping and tourist district • A central base in Midtown Atlanta near attractions and corporate offices • 165 rooms and suites with workspace, 55” TV, and free printing • 136 rooms with ergonomic workspace, 32” TV, fridge, and microwave • 5,000 sq. ft. of meeting space, with choice of 8 venues, and catering
    [Show full text]
  • Download Full Info
    HNA Group is a conglomerate developed against the backdrop of China’s Reform and Opening Up. Maiden flight on May 2, 1993 signified the beginning of its undertakings. Since then, it has created a miracle in the business community over the past two decades, successfully transforming from a traditional aviation enterprise to a conglomerate in its expansion from Hainan Island to the globe. It is committed to creating a business culture for the new era. HNA Group has initiated a distinct operating and control system, incorporating the interests of the larger society with that of its own. By incorporating traditional Chinese culture and integrating Chinese socialist values with a world-class management system, HNA fosters a corporate culture befitting both Chinese and western society. HNA Group was founded in 1993. In the past 20 years, it grew during China’s Reform and Opening Up and has developed from a local aviation transportation operator to a global company encompassing core divisions of aviation, hospitality, tourism, real estate, retail, finance, logistics, shipbuilding and eco-tech. Its business outreach has expanded from Hainan Island to the globe. Its total assets exceed RMB one trillion. In 2016, HNA reaped revenues of over RMB 600 billion and provided 410,000 jobs. In July 2015, it made its debut on Fortune 500 at 464, with revenues of over USD 25.6464 billion. In July 2016, it ranked 353 on the Fortune 500 list with revenues of USD 29.56 billion, moving up 111 places in the ranking. In July 2017, HNA Group ranked 170th on the Fortune 500 list with revenues of $53.0353 billion.
    [Show full text]
  • China's Growing Market for Large Civil Aircraft
    ID-18 OFFICE OF INDUSTRIES WORKING PAPER U.S. International Trade Commission China’s Growing Market for Large Civil Aircraft Peder Andersen Office of Industries U.S. International Trade Commission February 2008 The author is with the Office of Industries of the U.S. International Trade Commission. Office of Industries working papers are the result of the ongoing professional research of USITC staff and solely represent the opinions and professional research of individual authors. These papers do not necessarily represent the views of the U.S. International Trade Commission or any of its individual Commissioners. Working papers are circulated to promote the active exchange of ideas between USITC staff and recognized experts outside the USITC, and to promote professional development of office staff by encouraging outside professional critique of staff research. ADDRESS CORRESPONDENCE TO: OFFICE OF INDUSTRIES U.S. INTERNATIONAL TRADE COMMISSION WASHINGTON, DC 20436 USA Abstract China will likely become the largest market in the world for new large civil aircraft (LCA), with global LCA manufacturers expecting to sell 100 LCA per year in the Chinese market for the next twenty years, or one every three to four days, at a total value ranging up to $350 billion. The challenge for western LCA producers in meeting this demand comes less from each other than from the regulation of China’s market by its government, the lack of adequate air transport infrastructure to serve its population, and China’s nascent attempt at building its own LCA. Should China continue to aggressively address governmental and infrastructure restraints, it will benefit through increased trade and tourism, both of which will spur LCA sales to satisfy air transport demand.
    [Show full text]
  • Airport Companion by Dragonpass - Airport Lounge List *The List Is Subject to Change from Time to Time
    UOBM Visa Infinite Metal Card and Privilege Banking Visa Infinite Card Airport Companion by DragonPass - Airport Lounge List *The list is subject to change from time to time. Please refer to the latest list in the Airport Companion by DragonPass mobile application. Airport Lounge Country City Airport Name Terminal Plaza Premium Lounge (Satellite Building) Malaysia Kuala Lumpur Kuala Lumpur International Airport KLIA Terminal Wellness Spa - Plaza Premium Lounge (KLIA2 - Level 3) Malaysia Kuala Lumpur Kuala Lumpur International Airport Terminal KLIA2 Plaza Premium Lounge (Domestic) Malaysia George Town Penang International Airport Main Terminal Plaza Premium Lounge (Int'l) Malaysia George Town Penang International Airport Main Terminal Plaza Premium Lounge (T1 Domestic) Malaysia Kota Kinabalu Kota Kinabalu International Airport Terminal 1 Plaza Premium Lounge (T1 Intl) Malaysia Kota Kinabalu Kota Kinabalu International Airport Terminal 1 Plaza Premium Lounge (Domestic - Level 2) Malaysia Kuching Kuching International Airport Main Terminal Plaza Premium Lounge (KLIA2 - Level 2) Malaysia Kuala Lumpur Kuala Lumpur International Airport KLIA2 Plaza Premium Lounge (KLIA2 - Landside) Malaysia Kuala Lumpur Kuala Lumpur International Airport KLIA2 Sky Lounge (Skypark Terminal) Malaysia Subang Jaya Sultan Abdul Aziz Shah Airport Skypark Terminal Miri Airport Executive Lounge Malaysia Miri Miri Airport Main Terminal KLIA Premier Access Malaysia Kuala Lumpur Kuala Lumpur International Airport KLIA Sama Sama Express KLIA Malaysia Kuala Lumpur Kuala
    [Show full text]
  • Aviation Strategy Issue #214, March 2016
    Issue no. 214 March 2016 HNA Group: creating a This issue includes mysterious global Page conglomerate China Dream 1 are few conglomerates in the world of aviaon born out Raonalising the of the establishment of an airline, and none seemingly with intra-European market 6 T such overwhelming ambion as the HNA Group. Chairman and founder,Chen Feng, has stated that “by 2020 we can become one of the Finnair: East by Northeast 10 world’s top 100 companies and by 2030 we want to become one of the top 50”. And yet it is privately owned; its ownership, financial data and LATAM: Impressive cost structure obscure and opaque. cung and fleet HNA Group grew out of Hainan Grand China Airlines was established restructuring 15 Airlines, now China’s fourth largest as a parent company for the listed airline. The airline, based in the his- Hainan Airlines and the group ac- torically piracal tropical island of quired control of a handful of smaller Hainan, was formed by Chen Feng carriers: Chang’an, Xinhua and Shanxi in 1993 in an unusual public/private Airlines. partnership with the regional gov- Now HNA Group is mulnaonal, ons (how it jusfies this claim is un- ernment of Hainan Province, later in a sprawling conglomerate with fin- clear); ownership of at least 8 air- 1995helpedbyasmallinial$25min- gers in many pies primarily relang to ports, 330 retail stores, 440 hotels, a vestment from George Soros’ Quan- transport and tourism, boasng rev- fleet of 40 ships of various types, a tum Fund apparently creang the enues of RMB190bn ($30bn) in 2015, shipbuilding yard, the world’s largest first sino-foreign “joint venture” air- assets of over RMB600bn and major container leasing operaon, and the line.
    [Show full text]
  • 00E Security Cover 0..0
    IMPORTANT NOTICE NOT FOR DISTRIBUTION IN THE UNITED STATES NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES OR ANY U.S. PERSONS. THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE ADDRESSEES OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following before continuing. The following applies to the preliminary supplement to the offering circular following this page (the ‘‘Supplement’’), and you are therefore advised to read this carefully before reading, accessing or making any other use of this Supplement. In accessing this Supplement, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (‘‘REGULATION S’’), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THIS OFFERING IS MADE SOLELY IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S UNDER THE SECURITIES ACT.
    [Show full text]
  • Who Manages Airports? Page 2 Company Activities
    Who owns and manages privatized airports? compiled by Momberger Airport Information March 2012 Copyright © 2012 - Momberger Airport Information - www.mombergerairport.info Who manages airports? Page 2 Company Activities data compiled by Manfred Momberger photos by Martin Lamprecht Copyright © 2012 - Momberger Airport Information publisher: Martin Lamprecht e-mail: [email protected] Momberger Airport Information is the independent source of information for airport professionals around the world, published biweekly since 1973. It provides unbiased news free of advertising. The newsletter is published in a modular format that allows subscribers to put together their own newsletter package that matches their professional interest in the airport industry. Find out more at: www.mombergerairport.info Copyright © 2012 - Momberger Airport Information - www.mombergerairport.info Who manages airports? Page 3 Company Activities Who owns and manages privatized airports? compiled by Momberger Airport Information – includes historical data Company Activities ABB South Africa, Modderfon- Led a team for the BOT project of a new passenger terminal at Sharm el-Sheikh tein, South Africa Airport in Egypt; Led a consortium which built the Kruger Mpumalanga International Airport near Nelspruit in South Africa, which is owned and operated by ABB through its specialist airport management company, Primkop Airport Management (PAM); tried unsuc- cessfully to sell its 90% stake in PAM in spring 2004; Mbuyane community owns the remaining 10%. Through ABB
    [Show full text]