PDF《东方航空（670.HK）》

Margins (%) Growth Revenue 84.9% 12.1% 2.1% 13.8% 10.2% EBIT 220.5% -25.8% 1.9% 11.4% 21.1% Net Income, adj. 2837.8% -7.7% -35.4% 27.8% 16.8% Margins EBIT margin 6.8% 6.5% 2.0% 3.3% 3.3% Net Profit Margin 6.7% 5.5% 3.5% 3.9% 4.1% Key Ratios ROE(%) 60.1% 25.9% 13.6% 15.0% 15.1% ROA (%) 5.7% 4.2% 3.1% 4.2% 4.2% Income Statement (RMB mn) Revenue 74,462 83,465 85,253 97,025 106,892 Operating expenses (68,765) (79,292) (82,745) (93,418) (102,417) Profit from operations 5,697 4,173 4,228 4,689 5,685 Non-operating income/expense

67 106

133 167

195 Profit before tax 5,418 4,841 3,012 4,032 4,715 Tax (133) (264) (205) (242) (283) Profit for the period 5,284 4,576 2,808 3,790 4,432 Minority interests (326) (1)

146 (15) (22) Total capital share 11,257 11,257 11,277 11,277 11,277 Net profit 4,958 4,576 2,954 3,774 4,410 Source: PSR 东方航空 东方航空 东方航空 东方航空(670.HK) Phillip Securities (Hong Kong) Ltd Research

17 April

2013 5 of

5 Total Returns Recommendation Rating >

+20% Buy

1 +5% to +20% Accumulate

2 -5% to +5% Neutral

3 -5% to -20% Reduce

4 ........