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China Eastern Airlines (CEA)
To shore up its balance sheet, China Eastern (CEA - Analyst Report) announced the sale of up to RMB1.35 billion new A shares and 490 million new Hong Kong dollar-denominated H shares to parent, China Eastern Air Holding Co.
We continue to believe the fundamental outlook for airline carriers remains weak and a CEA/SAL tie-up will not change this. Both CEA and SAL shares are subject to special treatment, meaning that daily share price movements are limited to 5% on the Shanghai Stock Exchange.
Moreover, the shares could be delisted should CEA and SAL continue to sustain losses in 2009. We reiterate our Underperform recommendation on China Eastern shares.
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| Market Summary | Nov 24, 2009 22:39 pm ET |
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