DOCSLIB.ORG

Jeju Air (089590 KS ) Fears of Rights Issue Come to Pass

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Jeju Air (089590 KS ) Fears of Rights Issue Come to Pass Jeju Air (089590 KS ) Fears of rights issue come to pass Airlines W170bn rights offering to cause 32% share dilution Company Report Yesterday, Jeju Air announced its decision to issue 12.14mn new shares, representing May 22, 2020 46% of its current shares outstanding. The new shares will be offered to e xisting shareholders (20% to the employee stock ownership association) on a basis of 0.37 th th shares for each share held. The subscription period will run from July 14 to July 15 , and any shares unsubscribed by existing shareholders will be offered to the public. The record date for the rights offering will be June 10th , 2020 , and the new shares will be (Downgrade) Sell listed on August 4, 2020. Target Price (12M, W) 17,000 The offering is expected to raise roughly W170bn, of which W67.8bn will be used on debt repayment and W102.2bn on working capital. The expected offering price is Share Price (05/21/20, W) 19,600 W14,000 per share, but the final price will be determined based on the first reference price (June 5 th ) and the second reference price (July 9 th ). Expected Return -13% More fundraising may be needed by year-end if current conditions continue As of end-1Q20, Jeju Air held cash and cash equivalents of W68bn (W99bn when OP (20F, Wbn) -174 including short-term financial assets). We believe the carrier has reduced its monthly Consensus OP (20F, Wbn) -181 cash outflow from over W50bn to W30-40bn currently by deferring some payments (leases, etc.) and furloughing its employees. Nevertheless, we still expect the carri er to EPS Growth (20F, %) - essentially run out of cash by the end of 2Q20. Market EPS Growth (20F, %) 27.1 P/E (20F, x) - The airline industry is currently suffering from the worst downturn in its history. In Market P/E (20F, x) 13.4 2Q20, we forecast Jeju Air’s international passenger traffic to plunge 87.6% YoY, driving KOSPI 1,998.31 down overall revenue to W84.1bn (-73.1% YoY). While the rate of revenue decline is likely to slow beginning in 3Q20, the carrier could face renewed funding pressures by Market Cap (Wbn) 517 the end of the year if current travel restrictions continue. Shares Outstanding (mn) 26 Free Float (%) 33.0 Key points to watch going forward include: 1) a recovery in industry conditions; 2) Foreign Ownership (%) 3.1 additional stress following the Eastar Jet acquisition; and 3) the success of the rights Beta (12M) 1.86 offering, which could determine additional support from the government. In light of industry conditions and the carrier’s earnin gs outlook, we would not rule out the 52-Week Low 12,000 possibility of some shares going unsubscribed. The Eastar Jet acquisition could also put 52-Week High 36,900 further pressure on consolidated earnings in the near term (a factor we have not (%) 1M 6M 12M reflected in our estimates). Jeju Air is currently set to receive W170bn in government Absolute -1.0 -16.1 -43.1 funds for the acquisition. If the carrier’s rights offering proves a success, it is unlikely Relative -6.9 -11.9 -41.3 that the government would provide massive aid to fund working capital for some time. 120 Jeju Air KOSPI Downgrade to Sell; TP of W17,000 100 We present a target price of W17,000 (based on RIM valuation), which accounts for the 80 dilution caused by the rights offering. With our target price implying 13.2% downside 60 to the current share price, we downgrade our rating from Hold to Sell. Even based on 40 earnings estimates for 2022, which is when operating conditions are expected to fully 20 return to normal, we estimate the stock’s P/E would expand from 10x to 15x following 5.19 9.19 1.20 5.20 the share issue, which could spark worries about valuation. Mirae Asset Daewoo Co., Ltd. [ Transport/Energy ] FY (Dec.) 12/17 12/18 12/19 12/20F 12/21F 12/22F Revenue (Wbn) 996 1,259 1,384 809 1,080 1,183 Jay JH Ryu +822 -3774 -1738 OP (Wbn) 101 101 -33 -174 67 101 [email protected] OP margin (%) 10.1 8.0 -2.4 -21.5 6.2 8.5 NP (Wbn) 78 71 -33 -221 29 58 EPS (W) 2,954 2,689 -1,257 -6,827 753 1,505 ROE (%) 25.8 19.9 -9.4 -73.9 10.1 17.5 P/E (x) 12.0 12.5 - - 26.0 13.0 P/B (x) 2.8 2.3 2.2 2.7 2.5 2.1 Dividend yield (%) 1.7 1.9 0.0 0.0 0.0 0.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates May 22, 2020 Jeju Air Table 1. Earnings forecast revisions (Wbn, %) Previous Revised % chg. Notes 20F 21F 20F 21F 20F 21F Revenue 809 1,080 809 1,080 - - Operating profit -174 67 -174 67 RR - Pretax profit -262 28 -255 39 RR 38.5 Net profit -227 21 -221 29 RR 38.5 Lower interest expenses following rights offering EPS (KRW) -8,602 794 -6,827 753 RR -5.2 Notes: Based on consolidated K-IFRS; net profit is attributable to controlling interests Source: Mirae Asset Daewoo Research estimates Table 2. Quarterly and annual earnings (Wbn, %) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20F 3Q20F 4Q20F 2019 2020F 2021F 2022F Revenue 393 313 369 309 229 84 223 273 1,384 809 1,080 1,183 Domestic 49 61 62 58 36 34 50 52 229 171 200 196 International 315 221 271 220 193 24 167 189 1,027 572 790 888 Other 29 31 36 32 0 26 6 32 127 65 90 98 Operating profit 57 -27 -17 -45 -66 1.0 -50 -4 -33 -174 67 101 Pretax profit 55 -39 -40 -24 -114 -72 -57 -12 -47 -255 39 77 Net profit (controlling) 42 -29 -30 -17 -101 -65 -46 -10 -33 -221 29 58 OP margin (%) 14.5 -8.8 -4.7 -14.6 -28.7 -64.8 -22.3 -1.5 -2.4 -21.5 6.2 8.5 Pretax margin (%) 14.1 -12.4 -10.9 -7.7 -49.9 -85.5 -25.8 -4.4 -3.4 -31.6 3.6 6.5 Net margin (%) 10.7 -9.4 -8.2 -5.3 -49.9 -85.5 -25.8 -4.4 -3.4 -31.6 3.6 6.5 International RPK growth (%, YoY) 30.9 20.0 27.6 18.2 -42.6 -87.6 -38.3 -18.7 24.1 -45.7 25.1 10.4 International ASK growth (%, YoY) 34.0 30.8 30.2 18.4 -26.5 -83.3 -30.0 -20.0 28.0 -39.4 13.7 12.0 International L/F (%,) 88.3 81.3 83.1 82.8 68.8 60.0 75.0 85.6 84.5 75.7 83.4 82.2 International yield growth (%, YoY) -4.9 -5.3 -17.2 -19.7 -0.6 -20.0 -10.0 -5.0 -10.5 -8.5 11.2 2.0 Domestic RPK growth (%, YoY) 3.8 1.6 8.4 7.8 -29.0 -39.9 -17.5 -12.6 5.4 -24.5 12.8 -0.6 Domestic ASK growth (%, YoY) 2.3 4.1 9.0 6.5 -20.3 -30.0 -10.0 -10.0 5.5 -17.4 5.0 0.0 Domestic L/F (%) 94.8 93.3 92.6 94.7 84.6 80.0 85.0 92.0 93.9 85.8 92.2 91.6 Domestic yield growth (%, YoY) 3.1 -3.9 -6.4 -0.2 -5.3 -15.0 -10.0 -5.0 -2.1 -9.0 3.6 -1.5 Jet fuel (U S$/bbl) 77 80 77 76 57 41 57 57 78 53 57 57 US$/W rate 1,125 1,167 1,193 1,176 1,195 1,200 1,200 1,200 1,165 1,199 1,200 1,200 Notes: Yield growth is based on won-denominated yield; based on consolidated K-IFRS; net profit refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research Table 3. Valuation: RIM (Wbn) 2020F 2021F 2022F 2023F 2024F 2025F 2026F Revenue 809 1,080 1,183 1,183 1,242 1,304 1,404 (Growth) -41.6% 33.5% 9.5% 0.0% 5.0% 5.0% 7.7% Net profit (ex-minority interest) -221 29 58 58 61 65 70 (% of revenue) -27.4% 2.7% 4.9% 4.9% 4.9% 5.0% 5.0% Equity (ex-minority interest) 274 303 361 407 456 508 564 (Growth) -15.8% 10.6% 19.1% 12.9% 12.0% 11.4% 11.1% Forecast ROE -73.9% 10.1% 17.5% 15.1% 14.1% 13.5% 13.1% COE 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% 8.2% ROE spread -82.1% 1.9% 9.3% 6.9% 6.0% 5.3% 4.9% Residual income -225 6 34 28 27 27 28 Terminal value 385 NPV of FCFF -63 Beta 1.0 PV of terminal value 175 Risk premium 6.0% Current book value 325 Risk-free rate 2.0% Equity value 451 COE 8.2% Shares outstanding 26,357 Target P/B (12MF) 2.4 TP (W) 17,000 Current price (W) 19,600 Source: Mirae Asset Daewoo Research Mirae Asset Daewoo Research 2 May 22, 2020 Jeju Air Figure 1.
Load more

Recommended publications
  • IATA CLEARING HOUSE PAGE 1 of 21 2021-09-08 14:22 EST Member List Report
    IATA CLEARING HOUSE PAGE 1 OF 21 2021-09-08 14:22 EST Member List Report AGREEMENT : Standard PERIOD: P01 September 2021 MEMBER CODE MEMBER NAME ZONE STATUS CATEGORY XB-B72 "INTERAVIA" LIMITED LIABILITY COMPANY B Live Associate Member FV-195 "ROSSIYA AIRLINES" JSC D Live IATA Airline 2I-681 21 AIR LLC C Live ACH XD-A39 617436 BC LTD DBA FREIGHTLINK EXPRESS C Live ACH 4O-837 ABC AEROLINEAS S.A. DE C.V. B Suspended Non-IATA Airline M3-549 ABSA - AEROLINHAS BRASILEIRAS S.A. C Live ACH XB-B11 ACCELYA AMERICA B Live Associate Member XB-B81 ACCELYA FRANCE S.A.S D Live Associate Member XB-B05 ACCELYA MIDDLE EAST FZE B Live Associate Member XB-B40 ACCELYA SOLUTIONS AMERICAS INC B Live Associate Member XB-B52 ACCELYA SOLUTIONS INDIA LTD. D Live Associate Member XB-B28 ACCELYA SOLUTIONS UK LIMITED A Live Associate Member XB-B70 ACCELYA UK LIMITED A Live Associate Member XB-B86 ACCELYA WORLD, S.L.U D Live Associate Member 9B-450 ACCESRAIL AND PARTNER RAILWAYS D Live Associate Member XB-280 ACCOUNTING CENTRE OF CHINA AVIATION B Live Associate Member XB-M30 ACNA D Live Associate Member XB-B31 ADB SAFEGATE AIRPORT SYSTEMS UK LTD. A Live Associate Member JP-165 ADRIA AIRWAYS D.O.O. D Suspended Non-IATA Airline A3-390 AEGEAN AIRLINES S.A. D Live IATA Airline KH-687 AEKO KULA LLC C Live ACH EI-053 AER LINGUS LIMITED B Live IATA Airline XB-B74 AERCAP HOLDINGS NV B Live Associate Member 7T-144 AERO EXPRESS DEL ECUADOR - TRANS AM B Live Non-IATA Airline XB-B13 AERO INDUSTRIAL SALES COMPANY B Live Associate Member P5-845 AERO REPUBLICA S.A.
    [Show full text]
  • 08-06-2021 Airline Ticket Matrix (Doc 141)
    Airline Ticket Matrix 1 Supports 1 Supports Supports Supports 1 Supports 1 Supports 2 Accepts IAR IAR IAR ET IAR EMD Airline Name IAR EMD IAR EMD Automated ET ET Cancel Cancel Code Void? Refund? MCOs? Numeric Void? Refund? Refund? Refund? AccesRail 450 9B Y Y N N N N Advanced Air 360 AN N N N N N N Aegean Airlines 390 A3 Y Y Y N N N N Aer Lingus 053 EI Y Y N N N N Aeroflot Russian Airlines 555 SU Y Y Y N N N N Aerolineas Argentinas 044 AR Y Y N N N N N Aeromar 942 VW Y Y N N N N Aeromexico 139 AM Y Y N N N N Africa World Airlines 394 AW N N N N N N Air Algerie 124 AH Y Y N N N N Air Arabia Maroc 452 3O N N N N N N Air Astana 465 KC Y Y Y N N N N Air Austral 760 UU Y Y N N N N Air Baltic 657 BT Y Y Y N N N Air Belgium 142 KF Y Y N N N N Air Botswana Ltd 636 BP Y Y Y N N N Air Burkina 226 2J N N N N N N Air Canada 014 AC Y Y Y Y Y N N Air China Ltd. 999 CA Y Y N N N N Air Choice One 122 3E N N N N N N Air Côte d'Ivoire 483 HF N N N N N N Air Dolomiti 101 EN N N N N N N Air Europa 996 UX Y Y Y N N N Alaska Seaplanes 042 X4 N N N N N N Air France 057 AF Y Y Y N N N Air Greenland 631 GL Y Y Y N N N Air India 098 AI Y Y Y N N N N Air Macau 675 NX Y Y N N N N Air Madagascar 258 MD N N N N N N Air Malta 643 KM Y Y Y N N N Air Mauritius 239 MK Y Y Y N N N Air Moldova 572 9U Y Y Y N N N Air New Zealand 086 NZ Y Y N N N N Air Niugini 656 PX Y Y Y N N N Air North 287 4N Y Y N N N N Air Rarotonga 755 GZ N N N N N N Air Senegal 490 HC N N N N N N Air Serbia 115 JU Y Y Y N N N Air Seychelles 061 HM N N N N N N Air Tahiti 135 VT Y Y N N N N N Air Tahiti Nui 244 TN Y Y Y N N N Air Tanzania 197 TC N N N N N N Air Transat 649 TS Y Y N N N N N Air Vanuatu 218 NF N N N N N N Aircalin 063 SB Y Y N N N N Airlink 749 4Z Y Y Y N N N Alaska Airlines 027 AS Y Y Y N N N Alitalia 055 AZ Y Y Y N N N All Nippon Airways 205 NH Y Y Y N N N N Amaszonas S.A.
    [Show full text]
  • Anticipated Merger
    Case number: MAVCOM/ED/CC/DIV4/2021(1) SECTION 55 OF THE MALAYSIAN AVIATION COMMISSION ACT 2015 [ACT 771] ANTICIPATED MERGER Proposed Decision by the Malaysian Aviation Commission on the Voluntary Notification and Application of an Anticipated Merger under Section 55 of the Malaysian Aviation Commission Act 2015 by Korean Air Lines Co., Ltd. and Asiana Airlines, Inc. 23 July 2021 Summary of the Proposed Decision: 1. The Anticipated Merger between Korean Air Lines Co., Ltd. and Asiana Airlines, Inc. falls within the scope of section 55 of the Malaysian Aviation Commission Act 2015 [Act 771]. The Anticipated Merger is a failing firm defence merger, with Korean Air Lines Co., Ltd. entering into a share subscription agreement with Asiana Airlines, Inc. on 17 November 2020. Asiana Airlines, Inc. has been in a situation of financial distress for some time and cannot be rehabilitated but for the Anticipated Merger. 2. Upon assessing the notification and by virtue of section 55 of Act 771, the Commission has concluded that the merger, if carried into effect, would not infringe the prohibition in section 54 of Act 771. 2 Contents 1. BACKGROUND ...............................................................................................................4 The Parties of The Merger ...............................................................................................4 Main Transaction of The Merger ......................................................................................5 Purpose of The Merger ....................................................................................................6
    [Show full text]
  • 356 Partners Found. Check If Available in Your Market
    367 partners found. Check if available in your market. Please always use Quick Check on www.hahnair.com/quickcheck prior to ticketing P4 Air Peace BG Biman Bangladesh Airl… T3 Eastern Airways 7C Jeju Air HR-169 HC Air Senegal NT Binter Canarias MS Egypt Air JQ Jetstar Airways A3 Aegean Airlines JU Air Serbia 0B Blue Air LY EL AL Israel Airlines 3K Jetstar Asia EI Aer Lingus HM Air Seychelles BV Blue Panorama Airlines EK Emirates GK Jetstar Japan AR Aerolineas Argentinas VT Air Tahiti OB Boliviana de Aviación E7 Equaflight BL Jetstar Pacific Airlines VW Aeromar TN Air Tahiti Nui TF Braathens Regional Av… ET Ethiopian Airlines 3J Jubba Airways AM Aeromexico NF Air Vanuatu 1X Branson AirExpress EY Etihad Airways HO Juneyao Airlines AW Africa World Airlines UM Air Zimbabwe SN Brussels Airlines 9F Eurostar RQ Kam Air 8U Afriqiyah Airways SB Aircalin FB Bulgaria Air BR EVA Air KQ Kenya Airways AH Air Algerie TL Airnorth VR Cabo Verde Airlines FN fastjet KE Korean Air 3S Air Antilles AS Alaska Airlines MO Calm Air FJ Fiji Airways KU Kuwait Airways KC Air Astana AZ Alitalia QC Camair-Co AY Finnair B0 La Compagnie UU Air Austral NH All Nippon Airways KR Cambodia Airways FZ flydubai LQ Lanmei Airlines BT Air Baltic Corporation Z8 Amaszonas K6 Cambodia Angkor Air XY flynas QV Lao Airlines KF Air Belgium Z7 Amaszonas Uruguay 9K Cape Air 5F FlyOne LA LATAM Airlines BP Air Botswana IZ Arkia Israel Airlines BW Caribbean Airlines FA FlySafair JJ LATAM Airlines Brasil 2J Air Burkina OZ Asiana Airlines KA Cathay Dragon GA Garuda Indonesia XL LATAM Airlines
    [Show full text]
  • IATA Comments on Draft Bill 19331 on Aircraft History Management
    IATA Comments on Draft Bill 19331 on Aircraft History Management The International Air Transport Association (IATA) is a global trade association for airlines representing some 290 airline members and accounting for 82% of total global air traffic. Our members include Asiana Airlines, Eastar Jet, Jeju Air, Jin Air, Korean Air, T’way Air and major foreign airlines that operate services to/from the Republic of Korea. IATA understands that the National Assembly of the Republic of Korea is currently seeking public opinion on a draft bill on the management of aircraft history by airlines. Due to the time constraint, IATA was unable to consult our member airlines extensively on the proposed bill. However, IATA would like to submit the below comments to the National Assembly of the Republic of Korea for your kind consideration. Ensuring that air travel remains a safe, secure and efficient mode of transport is a common objective for governments, aircraft operators and passengers. In this regard, IATA recognizes the importance of aviation safety and it is a top priority for both IATA and our member airlines. However, IATA is of the opinion that the requirement for airlines to publish aircraft history is unlikely to contribute positively to the enhancement of aviation safety. Given the likely limited benefits of these requirements, the compliance burden on airlines would increase disproportionately, particularly as requirements such as the provision of aircraft history for pre-owned aircraft would be difficult to comply with. More importantly, the requirements could bring about unintended consequences, by giving an impression that there is a direct correlation between the age of an aircraft and safety, which is incorrect and unjustified.
    [Show full text]
  • Rivalry Between Low Cost Carriers and Major Carriers: the Case in Korean Aviation Industry*
    JOURNAL OF INTERNATIONAL LOGISTICS AND TRADE 99 Volume 7, Number 2, December 2009, pp. 99~128 Rivalry between low cost carriers and major carriers: the case in Korean aviation industry* Jin-Kook Lee**and Tae Seung Kim*** Abstract As the wave of liberalization and deregulation have accelerated to relieve rigid controls over airline routes, capacity, and fare setting regimes, Low Cost Carriers (LCCs) have emerged especially in local aviation markets since the 1970s. This paper has studied the effects of LCC's entry into the domestic aviation market which was pre-occupied by two major carriers, Korean Air (KAL) and Asiana Airlines. Through a simple model describing two situations, prior and post to LCC's entry, we analyzed changes and trends of each airline's output and profit based on the Cournot and two-stage Stackelberg game equilibrium. In summary, our conclusion consists of five points: (1) Even though JIN Air's entry reduced KAL's respective output and profit, the more JIN Air produces, the higher the joint-profit of KAL and JIN Air is, (2) From the joint-profit aspect, increasing KAL's output to a level than JIN Air's is more profitable on the Gimpo-Jeju route, on the other hand, increasing JIN Air's output higher than KAL's is more profitable on the Jeju-Busan route, (3) Even though JIN Air's entry increase Asiana Airline's output, the more JIN Air produces, the less Asiana Airlines's profit is, (4) Total output in markets as well as total profits of firms will increase under certain conditions, (5) KAL and JIN Air tend to get caught in an unresolved conflict on level of LCC cost.
    [Show full text]
  • Jeju Air Flight Schedule Incheon to Manila
    Jeju Air Flight Schedule Incheon To Manila sometimesSamuel released shirr his her tweenies pennyworts centesimally sleeplessly, and she litigated vocalizing so unluckily! it phosphorescently. Lennie blat her rones dryer, endophytic and republican. Egestive Steward The only show ads that then ride from malate church and air flight Fare rules are process for the selected itinerary before booking. What i need to find for messages back except baggage policy against allergy suffers, flight schedule to jeju air incheon. Manila Bay, light of Dreams Manila, and Resorts World Manila. Go on, plan must see all about famous landmarks and slick your horizon in green local cuisine. The add route departing KR currently has nine hour flight times per day. What aircraft types are flying on different route? Subsequently, I received the email and neither trip was confirmed. Please check directly on their website for additional information. How long having a Korean Air passage from ICN to MNL? Are still sure you exploit to delete this photo? You have exceeded the lag of video uploads. Not a lot of slide space. What is based in incheon to jeju air flight manila, per our website, while incheon airport or hong kong. Please hurry a departure airport. He used profanity in overtime his story. What country and saipan of travelling to flight page. Usually they take how day to veer the confirmation? Transfer was in jeju air flight schedule incheon to manila to fly from manila ocean park and departure times. The airline and they usually, destinations of it used profanity, and international routes map, which have different menu selections due the password to jeju air flight schedule is not guarantee the.
    [Show full text]
  • Jeju Air (089590 KS ) Three Key Points to Watch
    Jeju Air (089590 KS ) Three key points to watch Airlines 2Q19 preview: Lower load factor and yield to result in operating loss of W23.1bn Company Report For 2Q19, we forecast Jeju Air’s revenue to come in at W293.4bn (+3.6% YoY). In the July 10, 2019 international segment, we estimate traffic expanded 18.5% YoY on the back of increased capacity (+28.2% YoY). However, we believe revenue growth was tempered by a 9.1% YoY decline in yield. We believe traffic (-6.6% YoY) and yield (-3.3% YoY) were also sluggish in the domestic segment. (Maintain) Buy At the operating level, we expect a loss of W23.1bn, which is below the market consensus (breakeven). We believe the biggest drag on earnings was a fall in load Target Price (12M, W) ▼ 40,000 factor (81.9%; -6.7%p YoY) and a resulting decline in yield. We attribute the load factor decline to weakness in international flights out of regional airports (Daegu/Muan), Share Price (07/09/19, W) 29,000 where the airline expanded capacity. Earnings were likely further weighed down by co st pressures from higher oil prices and Expected Return 38% won depreciation. We estimate fuel costs increased 27% YoY and other costs (airport- related costs, maintenance, etc.) also rose nearly 10% YoY. As a result of the operating loss, we expect the carrier to swing to a n et loss of W20.1bn (vs. net profit of W16.8bn OP (19F, Wbn) 99 in 2Q18). Consensus OP (19F, Wbn) 132 Key points to watch: Market share, Japan, and M&A EPS Growth (19F, %) -5.6 1) Market share: Jeju Air’s market share in the short-haul international segment has Market EPS Growth (19F, %) -23.6 recently expanded to 10.8%, nearing the 10.9% record set in March 2019.
    [Show full text]
  • 2018 REVIEW • Jet2 Extends the Period of Its Operation from Pafos with 2 Weekly Flight to Stansted
    2018 REVIEW SPONSORED BY: 1 www.atn.aero 2018 REVIEW • Jet2 extends the period of its operation from Pafos with 2 weekly flight to Stansted. • Wizzair extends its operation from Larnaka with 2 weekly flights to Cluj and Varna. • A reduction of 6.7% and 2.6% in Carbon Dioxide Emissions is recorded for Larnaka and Pafos Airport respectively, over the previous year. JANUARY 1/1/2018 • Qatar Airways brings Airbus A350 to Greece for the first time • Eamonn Brennan takes office as Director General of EUROCONTROL Source: EUROCONTROL 2/1/2018 • KLM introduces films with audio description for blind and visually impaired passengers • Fraport Brasil begins operations at Fortaleza and Porto Alegre Air- Source: ATN ports • Ryanair: New Cabin Bag Policy goes Live 5/1/2018 • Malaysia Airlines launches inaugural A350 XWB service to London • Turkish Airlines announces a commitment to order 20+5 A350, talks with Airbus started 16/1/2018 • Ethiopian Partners with Zambian Government for the Re-launch of the 6/1/2018 National Carrier and to develop Lusaka as an aviation hub for South- • Qatar Airways brings its Qsuite to the U.S. Capital ern Africa 10/1/2018 • Bahrain condemns interception of Qatari fighter aircrafts against Unit- • New Top Management appointed at Airbus China Eric Chen becomes ed Arab Emirates civilian flight to Bahrain Chairman and George Xu CEO of Airbus China 17/1/2018 15/1/2018 • A new record 4.1 billion passengers were carried by the aviation • Norwegian has set a new record time for the fastest ever transatlan- industry on scheduled
    [Show full text]
  • Analysis of Regional Airline Route Development in Republic of Korea 한국 지역항공 향상을 위한 지역항공사 노선 정책에 대한 비교 분석
    航空宇宙法學會誌 第24卷 第 1 號 논문접수일 2009. 6. 6 2009년 6월 30일 발행, pp. 91~118 논문심사일 2009. 6. 12 게재확정일 2009. 6. 20 Analysis of regional airline route development in Republic of Korea 한국 지역항공 향상을 위한 지역항공사 노선 정책에 대한 비교 분석 Lee, Kang-Seok(이강석)* 1) Contents Ⅰ. Introduction Ⅱ. A literary background Ⅲ. Research design and Methology Ⅳ. Survey Finding Ⅴ. Conclusion and recommendation * Associate Professor, Hanseo University 92 航空宇宙法學會誌 第24卷 第1號 Ⅰ. Introduction Recently the air transportation market in Korea has been being weak due to another mass transportation’s development such as Express Train called KTX and the expansion of an express way but the air transportation market in Korea is vital with the Regional airline business that effects existing the air transportation market in Korea. Currently, Jeju and Jean Air, Air Busan, Easter Airline are being operated as a domestic and International regional airline and they try to be competitive with price discrimination on some airways among existing airlines. Jeju Air and Air Busan are now being operated at the major airway and they are about to be on the route which requirement is high for not only customer but also manufacturer to transport among Japan, China and Korea. It would bring big impact on existing Air transportation network if they start those kind of close range of international airway. Also The airlines being about to operate is speeding their business up for the needs of the regional economy development and the air-transportation In the previous study, I referenced two papers that Y. C. Lee, and Y. J.
    [Show full text]
  • 2017 Top Merchandising Innovations to Delight Air Travelers and Boost Profits
    This cover for position only – need cover with correct title. Issued 31 October 2017 2017 Top Merchandising Innovations to Delight Air Travelers and Boost Profits IdeaWorksCompany explores how airlines are creating new products and services, including examples from Allegiant, Delta, easyJet, Gol, Jeju Air, and Tui Netherlands. Contents “We are not a disruptive element, we’re an enabling element” ..................................................................... 4 Disruption courtesy of Visa, Amazon, and Taylor Swift ................................................................................... 5 Allegiant builds a resort to build revenue ............................................................................................................. 7 EasyJet gets its connecting groove via Gatwick ................................................................................................... 9 Delta adds mobile functionality as a benefit for checking a bag .................................................................... 10 Tui Netherlands easily deploys wireless buy-on-board solution................................................................... 12 Jeju Air creates the economy sleeper .................................................................................................................. 13 “Club Smiles” subscription plan delivers bonuses (and revenue) all year ................................................... 13 Swiss charges a premium fee for a premium seat ............................................................................................
    [Show full text]
  • Jeju Air Flight Schedule Incheon to Manila
    Jeju Air Flight Schedule Incheon To Manila Lousier and architectonic Magnum always reflex lentissimo and griddle his changefulness. Herbartian Kevin cast her pacifier so bitterly that Francis suffumigate very imperviously. Peaky and waterlog Dorian never hydrolyses his etiquettes! They can add extra luggage may accompany no power plug or galaxy tab is? Sweden and is based in Malmo. This file size is based on arrival of flight schedule is the air for luggage took the front page of youth below. International flights must contact jeju air lines is incheon airport customer service for jeju air and after three times to scheduled twice weekly departures with. Please enter your stay by email we took one of. Use on airline boarding is? Want to link from a video? We tackle not arbitrate factual disputes with reviewers. Keep our articles as it needs of the past year to specific countries such as far and air flight to jeju incheon manila, i got my powerbank and money well as no warranties. South korea another jeju air flights does depend on. What defines us is how well the rise after falling. Turn Your Opinions into Points! Please tell us and make the schedule and spoke to these airports are reviewing your video? Connect and enable your provider to get started. Still would show. Spacious, bring with own entertainment such as Ipad or Galaxy Tab is a enough. Notify school of new posts via email. They just served the plate water before landing. Subscribe share My Flying Adventures Blog! TIEZA tax collection counter took the airport terminal.
    [Show full text]