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China Eastern Airlines (CEA)
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ShareTo 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.
China Eastern Airlines (CEA) : FULL ANALYST REPORT
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Read the full analyst report on CEA
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