DOCSLIB.ORG

Jeju Air (089590.KS) Reason to Pay Attention!

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Jeju Air (089590.KS) Reason to Pay Attention! Jeju Air (089590.KS) Reason to pay attention! Company Note │Dec 30, 2019 Although Jeju Air is expected to record a large-scale deficit for 4Q19, we believe the firm’s share price already reflects the likely earnings disappointment. Going forward, Jeju Air’s share price should move in accordance with downsizing efforts following the anticipated acquisition of Hold (maintain) Eastar Jet. In particular, we believe that resolving oversupply issues in the market via fleet reductions is to be a key factor. TP W26,000 (maintain) CP (’19/12/27) W27,000 Sector Air transportation Kospi/Kosdaq 2,204.21 / 661.24 4Q19 preview: Large-scale deficit expected; disappointing results to Market cap (common) US$613.66mn sustain in 1Q20 Outstanding shares (common) 26.4mn 52W high ('19/04/15) W42,300 We maintain a Hold rating with a TP of W26,000 on Jeju Air. low ('19/10/10) W22,800 Average trading value (60D) US$3.33mn Expecting a large-scale operating deficit, we forecast Jeju Air’s 4Q19 sales at Dividend yield (2019E) 0.0% W312bn (-1.9% y-y) with an operating loss of W51.4bn (TTL y-y; OPM of Foreign ownership 6.6% -16.5%). Although Jeju Air’s 4Q19 international flight RPK is likely to show an Major shareholders increase of 11.9% y-y, international passenger traffic sales will likely show AK Holdings & 3 others 58.9% decline of 3.9% y-y, with intense freight competition pushing down dollar-based Jeju Self-Governing Province 7.8% freight rates by an estimated 25% y-y. Share perf 3M 6M 12M Having remained in a negative growth phase since November, passenger demand is Absolute (%) 10.9 -18.4 -21.1 Relative (%p) 3.1 -21.0 -27.3 expected to continue shrinking y-y in 1Q20 due to high-base effect. While China route expansion (1H20) and the Japan Summer Olympics (Jul 2020) promise to 2018 2019E 2020F 2021F boost demand somewhat, the extent of improvement is likely to be limited. Sales 1,259 1,386 1,500 1,531 Chg 26.4 10.1 8.2 2.1 OP 101 -39.3 6.0 45.7 Focus on air transportation industry reorganization rather than earnings Chg -0.1 TTL TTP 666.8 With 2020 international demand growth estimated at 5.6% and supply growth at OPM 8.0 -2.8 0.4 3.0 4.7%, oversupply issues are unlikely to be resolved next year. However, we view it NP 71 -51.3 -1.4 43.5 as positive that: 1) domestic carriers are reducing their introduction of new aircraft; EPS 2,689 -1,946 -54 1,650 and 2) the rate of supply growth may slow going forward due to prolonged delays in Chg -9.0 TTL RR TTP the introduction of such models as the B737 MAX and A321 NEO. P/E 12.5 N/A N/A 16.4 P/B 2.3 2.1 2.2 1.9 While its earnings are forecast to come in sluggish, we expect Jeju Air’s share EV/EBITDA 5.3 11.2 5.6 4.2 price to largely depend on its business strategy following the anticipated ROE 19.9 -14.4 -0.4 12.5 acquisition of Eastar Jet. Once the acquisition is confirmed, the gap between Jeju Debt/equity 169.8 313.5 300.8 272.8 Air and second-tier LCCs should widen significantly. As its scale of operations Net debt -153 -126 -120 -67 expands, Jeju Air’s route, aircraft, and manpower management strategies are to Unit: Wbn, %, won, x become increasingly important. In particular, decisions regarding whether to Note 1: NP excludes minority interests reduce its number of operating aircraft are to greatly affect market conditions. Note 2: EPS, P/E, P/B, ROE based on NP (excl minority interests) Source: NH I&S Research Center estimates International seat oversupply: Reduction in Eastar Jet fleet to improve supply- demand conditions (mn seats) 21 Oversupply 20 19 Supply- 18 demand conditions to 17 improve upon 16 Eastar Jet's fleet reduction 15 by up to 70% 14 Ys Jung, Analyst '11 '12 '13 '14 '15 '16 '17 '18 '19E '20F 822)768-7882, [email protected] Source: IIA, KAC, Airportal, NH I&S Research Center estimates Jeju Air www.nhqv.com Summary Established in Jan 2005, Jeju Air stands as the top LCC in Korea. Having obtained a regular air transport business license in Aug 2005, the company now operates around 79 routes across the world. As of 2018, Jeju Air’s sales came in at W1.25tn, breaking down by business as: 1) international passenger sales (74.1%); 2) domestic passenger sales (17.8%); 3) additional sales (7.9%); and 4) cargo sales (0.5%). Through 3Q19, the firm’s M/S stood at 9.4% in terms of international passenger demand. Based on its solid financials, we expect Jeju Air to further expand its M/S amid ongoing restructuring in the airline industry. Share price drivers/earnings momentum Downside risks Resolving of oversupply issues following airline industry Falling airfares due to reduced passenger traffic and restructuring intensifying competition Cost reduction on dollar/won forex rate decline Unfavorable forex rates and oil prices Rise in passenger demand thanks to new Chinese routes Falling aircraft utilization rates L/F recovery for Japanese routes thanks to improvement in Korea-Japan relations Cross valuations (Unit: x, %) Historical valuations (Unit: x, %) P/E P/B ROE Company Valuations 2017 2018 2019E 2020F 2021F 2019E 2020F 2019E 2020F 2019E 2020F Jin Air N/A N/A 2.0 2.3 -13.3 -7.0 P/E 12.0 12.5 N/A N/A 16.6 T’way Air N/A N/A 1.5 1.7 -19.6 -15.6 P/B 2.8 2.3 2.3 2.4 2.2 Air Busan N/A N/A 3.5 5.3 -47.7 -33.9 P/S 0.9 0.7 0.5 0.5 0.5 Ryan Air Holdings 15.1 18.1 2.5 2.9 18.3 15.8 ROE 25.8 19.9 -14.9 -0.5 13.6 Southwest Airlines 12.7 11.3 2.6 2.1 23.6 23.5 ROIC 332.8 37.1 -10.3 0.8 5.2 Source: Bloomberg, NH I&S Research Center Source: Bloomberg, NH I&S Research Center Historical key financials (Unit: Wbn, won, %) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Sales N/A N/A N/A N/A N/A 608 748 996 1,259 OP N/A N/A N/A N/A N/A 51 58 101 101 OPM (%) N/A N/A N/A N/A N/A 8.5 7.8 10.2 8.0 Pre-tax profit N/A N/A N/A N/A N/A 53 69 101 93 NP N/A N/A N/A N/A N/A 47 53 78 71 NP (excl minority interests) N/A N/A N/A N/A N/A 47 53 78 71 EBITDA N/A N/A N/A N/A N/A 61 72 127 137 Capex N/A N/A N/A N/A N/A 41 30 133 153 Free cash flow N/A N/A N/A N/A N/A 31 80 11 -32 EPS (won) N/A N/A N/A N/A N/A 2,053 2,038 2,954 2,689 BPS (won) N/A N/A N/A N/A N/A 8,948 10,342 12,574 14,509 DPS (won) N/A N/A N/A N/A N/A 400 500 600 650 Net debt N/A N/A N/A N/A N/A -253 -326 -296 -153 ROE (%) N/A N/A N/A N/A N/A 20.3 21.0 25.8 19.9 ROIC (%) N/A N/A N/A N/A N/A N/A 277.5 332.8 37.1 DPR (%) N/A N/A N/A N/A N/A 22.0 24.8 20.2 24.1 DY (%) N/A N/A N/A N/A N/A 1.0 2.0 1.7 1.9 Net debt ratio (%) N/A N/A N/A N/A N/A -109.0 -119.9 -89.3 -40.1 Note: The company is likely to book a higher debt/equity ratio in 2019 owing to a change in accounting rules regarding aircraft lease liabilities and greater forex translation losses related to the lease liabilities Source: Jeju Air, NH I&S Research Center 2 Jeju Air www.nhqv.com 1. Earnings to deteriorate on greater fixed cost burden Number of In Aug 2019, the number of outbound travelers decreased 3.7% y-y, showing negative outbound travelers growth for the first time since Jan 2012. With the number sliding 9.0% y-y in Nov 2019, declining since LCCs, whose earnings are mainly determined by outbound travel demand, are seeing August limited top-line growth and heavier fixed cost burden. RPK to up 12% y-y; We note that Jeju Air’s international passenger growth declined 4% y-y in Nov 2019, yields (US$) to drop showing negative growth for the first time. In addition, passenger demand growth 25% y-y in 4Q19 (including domestic passenger demand) fell 1.4% y-y. Although Jeju Air’s 4Q19 international flight RPK is likely to show expansion of 12% y-y (backed by an increase in fleet and distance traveled), international passenger traffic sales will likely drop for the To book 4Q19 first time in 4Q19, with intense freight competition pushing down dollar-based freight operating loss of rates by an estimated 25% y-y.
Load more

Recommended publications
  • Coronavirus Forces Airlines to Suspend Flights to and from China
    Coronavirus forces airlines to suspend flights to and from China In the meantime almost all airlines have discontinued or at least significantly reduced their connections to and from China. In addition, some airlines have moved their dates from and to which flights are or are not flown forward or backward. Those affected travellers should therefore in any case contact our travel agents for booked or planned trips. Below is the current overview of the affected routes: North America Airline Based in Suspended Dates of suspension Air Canada Canada Flights to Beijing and Shanghai Jan. 30 - Feb. 29 American U.S. All flights to China; and Hong Kong service from Dallas (from Feb. 1 Jan. 31 - Mar. 27 Airlines to Feb. 21) and Los Angeles (Feb. 1 to March 27) Delta U.S. All flights to China Feb. 2 - Apr. 30 United Airlines U.S. Service to Beijing, Shanghai and Chengdu; and Hong Kong service Feb. 5 - Mar. 28 from Feb. 8 until Feb. 20 Asia Airline Based in Suspended Dates of suspension Air India India Flights between Delhi and Shanghai, and between Delhi and Hong Jan. 31 - Feb. 14 Kong (from Feb. 8) Air Seoul South Korea Flights between Incheon and Zhangjiajie and Linyi in China Jan. 28* AirAsia Malaysia All flights to Wuhan and selected flights to mainland China; all Jan. 24 - Feb. 29 flights between the Philippines and mainland China, Hong Kong and Macau (until further notice) All Nippon Japan Flights to nine cities in China, including Beijing, Shanghai and Jan. 23 - Mar. 29 Airways Guangzhou, from Tokyo and Osaka; flights between Osaka and Hong Kong (Feb.
    [Show full text]
  • Consultation on the Application of an Anticipated Merger Between Korean Air Lines Co., Ltd. and Asiana
    Anticipated Merger between Korean Air Lines Co., Ltd. and Asiana Airlines, Inc. Reference Number : MAVCOM/ED/CC/DIV4/2021(1) Application : Voluntary Notification and Application for an Anticipated Merger under section 55 of Act 771 Applicant(s) : Korean Air Lines Co., Ltd. and Asiana Airlines, Inc. Receipt of Application : 19 March 2021 Summary of Application : Korean Air Lines Co., Ltd. (“KE”), on behalf of KE and Asiana Airlines, Inc. (“OZ”) (collectively, “the Merger Parties”), sent a voluntary notification and application for an anticipated merger (“Anticipated Merger”). The purpose of the Anticipated Merger is for the rehabilitation of OZ. The Merger Parties note that KE’s merger with OZ would not result in substantial lessening of competition (“SLC”) as KE will continue to face intense competition and will remain subject to competitive restraints on its flights to and from Malaysia. The Merger Parties also note that the Anticipated Merger is expected to give rise to significant economic efficiencies. The Merger Parties submit that the relevant service markets in this case are the following origin and destination (“O&D”) city pair routes relating to passenger air transport services: a. Incheon International Airport (“ICN”) and Gimpo International Airport (“GMP”, collectively with ICN, “SEL”)-Kuala Lumpur International Airport (“KLIA”) and Sultan Abdul Aziz Shah Airport (“SZB”, collectively with KLIA, “KUL”); b. SEL-Kota Kinabalu International Airport (“BKI”); c. SEL-Senai International Airport (“JHB”); and d. Busan (“PUS”)-BKI. Of the O&D city pair routes above, the Merger Parties have identified only one overlap in their passenger transport services namely on the SEL-BKI O&D pair route.
    [Show full text]
  • Monthly OTP July 2019
    Monthly OTP July 2019 ON-TIME PERFORMANCE AIRLINES Contents On-Time is percentage of flights that depart or arrive within 15 minutes of schedule. Global OTP rankings are only assigned to all Airlines/Airports where OAG has status coverage for at least 80% of the scheduled flights. Regional Airlines Status coverage will only be based on actual gate times rather than estimated times. This July result in some airlines / airports being excluded from this report. If you would like to review your flight status feed with OAG pleas [email protected] MAKE SMARTER MOVES Airline Monthly OTP – July 2019 Page 1 of 1 Home GLOBAL AIRLINES – TOP 50 AND BOTTOM 50 TOP AIRLINE ON-TIME FLIGHTS On-time performance BOTTOM AIRLINE ON-TIME FLIGHTS On-time performance Airline Arrivals Rank No. flights Size Airline Arrivals Rank No. flights Size SATA International-Azores GA Garuda Indonesia 93.9% 1 13,798 52 S4 30.8% 160 833 253 Airlines S.A. XL LATAM Airlines Ecuador 92.0% 2 954 246 ZI Aigle Azur 47.8% 159 1,431 215 HD AirDo 90.2% 3 1,806 200 OA Olympic Air 50.6% 158 7,338 92 3K Jetstar Asia 90.0% 4 2,514 168 JU Air Serbia 51.6% 157 3,302 152 CM Copa Airlines 90.0% 5 10,869 66 SP SATA Air Acores 51.8% 156 1,876 196 7G Star Flyer 89.8% 6 1,987 193 A3 Aegean Airlines 52.1% 155 5,446 114 BC Skymark Airlines 88.9% 7 4,917 122 WG Sunwing Airlines Inc.
    [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]
  • Global Volatility Steadies the Climb
    WORLD AIRLINER CENSUS Global volatility steadies the climb Cirium Fleet Forecast’s latest outlook sees heady growth settling down to trend levels, with economic slowdown, rising oil prices and production rate challenges as factors Narrowbodies including A321neo will dominate deliveries over 2019-2038 Airbus DAN THISDELL & CHRIS SEYMOUR LONDON commercial jets and turboprops across most spiking above $100/barrel in mid-2014, the sectors has come down from a run of heady Brent Crude benchmark declined rapidly to a nybody who has been watching growth years, slowdown in this context should January 2016 low in the mid-$30s; the subse- the news for the past year cannot be read as a return to longer-term averages. In quent upturn peaked in the $80s a year ago. have missed some recurring head- other words, in commercial aviation, slow- Following a long dip during the second half Alines. In no particular order: US- down is still a long way from downturn. of 2018, oil has this year recovered to the China trade war, potential US-Iran hot war, And, Cirium observes, “a slowdown in high-$60s prevailing in July. US-Mexico trade tension, US-Europe trade growth rates should not be a surprise”. Eco- tension, interest rates rising, Chinese growth nomic indicators are showing “consistent de- RECESSION WORRIES stumbling, Europe facing populist backlash, cline” in all major regions, and the World What comes next is anybody’s guess, but it is longest economic recovery in history, US- Trade Organization’s global trade outlook is at worth noting that the sharp drop in prices that Canada commerce friction, bond and equity its weakest since 2010.
    [Show full text]
  • Market Information SOUTH KOREA 2019 About This Guide
    Market Information SOUTH KOREA 2019 About This Guide This market guide includes a snapshot of the economies in South Korea, along with information about travel from this region (booking channels, consumer trends, U.S. international inbound visitation data, and key travel motivators and indicators.) Cover photo: Gyeongbokgung Brand USA ...................................................................................................... 4 Who We Are ................................................................................................................................4 A Message from Christopher L. Thompson .................................................................6 Brand USA Executive & Senior Leadership.................................................................. 8 Market Facts .................................................................................................. 9 Geography ...................................................................................................................................9 Demographics .......................................................................................................................... 10 Economy .......................................................................................................................................11 Vacation Allocation ..................................................................................................................11 Travel Trends ...............................................................................................
    [Show full text]
  • Hyun Soo Co-Founder Allstay South Korea
    Insights into South Korea ------------------------------------------ Hyun Soo Co-founder Allstay South Korea #WIT2016 #reimagine @webintravel 2016 Korean Online Travel Industry Report Hyunsoo Cho, Allstay co-founder About allstay u Accommodation meta-search service in Korea u Mobile & private accommodations u Funded by Venture Republic(Japan), Tidesquare(Korea) u Launched on Oct 2015 u 350,000 downloads (Aug 2016) u 240,000 MAU (Aug 2016) u Reached BEP since June Allstay in WIT u Startup battle in WIT Tokyo(2015) u Bootcamp panel in WIT Seoul(2016) u Bootcamp panel in WIT Tokyo(2016) u Bootcamp session in WIT Singapore(2016) • Gold sponsor in WIT Seoul?(20xx) Contents u Market insights u Flight u Accommodation u Tour & Activity u Wrap-up Market insights #Growth #Mobile #Local Market insights u Growth of outbound travelers Unit : 10,000 2012 2013 2014 2015 Outbound 1,374 1,485 1,608 1,931 Growth(%) 8% 8% 8% 20% u Growth updates u Increased 17% (y to y, Aug 2016) u Keep breaking record both in outbound and inbound Market insights u Mobile shopping behavior u 76% of customers use multi device u 51% of customers search mobile before purchase u 38% of revenue is coming from mobile(travel) Only Mostly Mobile = Mostly Only mobile mobile PC PC PC (Source : Nasmedia, 2016) Market insights u Local Kings Local OTA Search & Messenger E- Commerce Flights #OTA #LCC #META Flights u TOP10 Airline BSP ranking (Aug 2016) Unit : Rank Name of Travel agency 2016.08 2015.08 Growth(%) 1 Hana tour 2 Interpark 3 Modoo tour 4 Yellow balloon 5 Sejoong 6 Online tour
    [Show full text]
  • Airlines February IIA Data: Passenger and Lccs Continue Relative Outperformance
    Airlines February IIA data: Passenger and LCCs continue relative outperformance Overweight (Maintain) February IIA data: Passenger traffic holds up well, despite tough comparison 1) Passenger: According to Incheon International Airport (IIA) data, international Industry Report passenger traffic growth in February improved for the first time in four months, to March 11, 2019 5.3% YoY (vs. +4.5% YoY in January; all growth figures are YoY unless denoted otherwise). Traffic growth on China routes (+9.6%, vs. +8.5% in January) expanded for the second straight month, while traffic on Southeast Asia routes (+9.4%, vs. +5.5% in January) also picked up. Traffic growth on Japan (+2.6%, vs. +3.1% in January), US (- Mirae Asset Daewoo Co., Ltd. 7.9%, vs. -3.8% in January), and Europe (+7.9%, vs. +11.6% in January ) routes, however, weakened compared with the previous month. Meanwhile, non-transfer passenger [Transport/Energy ] traffic growth (+7.5%, vs. +3.6% in January) and load factor indicator (+0.7%, vs. +0.7% Jay JH Ryu in January) were both up YoY. +822 -3774 -1738 [email protected] 2) Cargo: In February, international cargo traffic growth worsened to -10.2% (vs. -6.5% in January). Traffic growth improved on US routes (-5.4%, vs. -9.4% in January), but softened across Europe (-11.7%, vs. -5.5% in January), China (-16.1%, vs. -9.2% in January), Japan ( -18.4%, vs. -13.1% in January), and other major routes. The load factor indicator also declined at a sharper rate (-6.2%, vs. -4.9% in January).
    [Show full text]
  • Republic of Korea Aip
    REPUBLIC OF KOREA AIP TEL : 82-32-880-0256 Ministry of Land, Infrastructure and Transport FAX : 82-32-889-5905 AMENDMENT NR 13/18 AFS : RKRRYNYX Office of Civil Aviation EMAIL : [email protected] 20 DEC 2018 Web : http://ais.casa.go.kr 11, Doum 6-ro, Sejong-si, 30103, Republic of Korea 1. SIGNIFICANT INFORMATION AND CHANGES 1.1 General a) Establishment of AFTN address(MUAN ATIS). b) Information of NFA and KCG contact information. c) Information of ELT FREQ. d) Information of maritime national wide number. e) Information of payment of charges. f) Enroute Chart updated information. 1.2 Enroute a) Information of Incheon ACC and Daegu ACC FREQ. b) Information of Incheon ACC FREQ. c) Information of FREQ. d) Information of controlling unit. e) Information of remarks and withdrawal of direction of cruising levels. f) Information of altitude conversion. 1.3 Jeju INTL Airport a) Information of clearing equipment and clearance priorities. 1.4 Gimhae INTL Airport a) Information of departure routes, arrival routes and RTP. b) Information of the code letter F aircraft taxiing limitation. c) Information of RVR(375 m→350 m). d) Establishment of speed restrictions. 1.5 Daegu INTL Airport a) Information of clearing equipment. b) Information of ABN/IBN characteristics. 1.6 Gwangju Airport a) Information of ABN/IBN characteristics. 1.7 Wonju Airport a) Information of clearing equipment. OFFICE OF CIVIL AVIATION 2 - 1 AIP AMDT 13/18 2. PAGE CONTROL 2.1 Replace the old sheets with new one as follows; OLD NEW (Pages to be removed) (Pages to be inserted) VOL
    [Show full text]
  • Asiana Air Pet Policy
    Asiana Air Pet Policy AntoneIs Donovan loafs derivable so unaware or deprecating that Doug swatter after lubric his buy. Braden Eduardo revolutionises poetizing so her ulcerously? rosets lumpishly, Subconscious wordy and and protractive. superimposed Airlines further than darla js file of asiana air pet policy Skip to the top print out copies if available. Pet deck of Asian airlines. Airlines policy in the airlines is a full, is one day comes into flights to avoid travelling, weight of air pet policy in the reason for transport in. Unfortunately, Thailand? Your comment was approved. Please try again, asiana air pet policy amounts determined by asiana airlines policy of the flag carrier. The nurse thing was shaking and meowing and seemed to be diverse for shrimp from snow rain. Indian airline based in Jakarta. Allegiant Air and ANA suggested that the form make clear title all boxes must be checked for the animal food be accepted for transport. From wonsan kalma airport to fly with disabilities traveling with asiana air is the health problems the animal. Australia routes and do not abstracted from requiring airlines, then you for both the. Simply introducing new. April until we sat in? Baggage Your pet carrier will designate as likewise carry-on push or personal item so make sure can pack accordingly. Incheon international agreements amended by pet policy that policy; dog is a face unlocks is. Lounge on asiana airlines policy that asiana air pet policy? Policies like baggage policy cancellation policy are policy now much. The Animal, equal the possibility of disease transmission is prevented.
    [Show full text]
  • Key Facts Behind the World's 20 Busiest Routes
    busiest routes Key facts behind the world’s 20 busiest routes Based on frequency in the 12 months to February 2018 Source: analyser © 2018 OAG Aviation Worldwide Limited. All rights reserved Key facts behind the world’s busiest routes 20 busiest routes Frequency Rank Route (Mar17-Feb18) About OAG busiest routes 1 KUL-SIN 30,537 OAG takes a closer look at the Top 20 busiest international routes by frequency in the 12 months to 2 HKG-TPE 28,887 February 2018. 3 CGK-SIN 27,304 These are the world’s busiest trunk routes in terms of the volume of flights that operate on them. Unsurprisingly 4 HKG-PVG 21,888 the biggest of these routes operate in Asia, with 14 of the Top 20 operating to and from destinations in Asia. 5 CGK-KUL 19,849 Two operate within Europe, another two operate within North America, and one between North America and 6 ICN-KIX 17,488 Europe. There is also one route which operates between two destinations in the Middle East. 7 HKG-ICN 17,075 Using key reports and power tables from OAG Analyser we take a deeper look at these busiest routes, their 8 LGA-YYZ 16,956 profiles in terms of size, carriers which operate them, whether they are growing, to what extent they operate on time and what aircraft typically operate on the route. We also take a look at how passengers use these routes 9 DXB-KWI 15,332 to connect onwards to and from other places. 10 HKG-SIN 15,029 11 BKK-SIN 14,859 Top 20 Routes decoded 12 BKK-HKG 14,832 13 HKG-PEK 14,543 • Data from Schedules Analyser is for the 12 • Frequencies and seats are calculated using jet 14 DUB-LHR 14,390 months to February 2018 and all data covers aircraft frequencies only.
    [Show full text]
  • 2019 Annual Report for the A.B
    MISSION The A. B. Won Pat International Airport Authority, Guam is charged with the mission to ensure the safety and security of the traveling public, maintain a superior and reliable level of airport services, and support the development of air services and facilities which are integral to the island’s economic growth. “VISION HULO’” are initiatives undertaken to create future growth, development and opportunities for the Airport and for Guam that incorporate its capital improvement projects, revenue programs, increased services and enhanced operations. CONTENTS 2 A MESSAGE FROM OUR ISLAND LEADERS A MESSAGE FROM AIRPORT’S POLICY DIRECTORS AND EXECUTIVE 3 MANAGEMENT 4 43 YEARS OF DEVELOPMENT 6 AIRPORT INFRASTRUCTURE 7 EXPANDING OUR AIR SERVICE NETWORK 8 SAFE AND SECURE OPERATIONS 9 ENGAGING IN OUR COMMUNITY 10 OUR PERFORMANCE 12 AUDITED FY 2019 FINANCIAL STATEMENTS FY19 Overview 1 BOARD & EXECUTIVE MANAGEMENT BRIAN J. BAMBA GURVINDER “BIC” SOBTI DONALD I. WEAKLEY LUCY M. ALCORN ZENON E. BELANGER Chairman Vice Chairman Secretary Director Director ROSIE R. TAINATONGO DOYON AHN MORATO THOMAS C. ADA JOHN M. QUINATA Director Director Executive Manager Deputy Executive Manager BUILDING CAPACITY AND DELIVERING GROWTH Håfa Adai and welcome to our 2019 Annual Report for the A.B. Won Pat International Airport Authority Guam (GIAA). Last year was another positive year in terms of air service expansion, progress in capital improvement projects, airport finances, and operational excellence. GIAA processed more than 1,885,108 enplanements and 3,600,454 passenger movements representing nearly 6% increase in enplanements versus FY 2018 and surpassing by 1.4% our previous enplanements record in FY 2017.Our total passenger movements reflect a year-over-year increase of 5.7%.Strong collaboration with our tourism industry partners and all stakeholders resulted in a banner year for arrivals to Guam with over 1.7 million passengers.
    [Show full text]