Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>China's outbound tourism recovery started much later than others in the region</li>
<li>In particular, Taiwan &amp; Korea began ramping outbound travel earlier (in Q222)</li>
<li>As destinations, Thailand &amp; Vietnam recovered early, but now lag HK's growth</li>
</ul>


China's outbound tourism recovery started much later than others in the region
In particular, Taiwan &amp; Korea began ramping outbound travel earlier (in Q222)
As destinations, Thailand &amp; Vietnam recovered early, but now lag HK's growth


China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

<ul>
<li>In this insight we chart the progress of China's tourism recovery vs pre-pandemic levels</li>
<li>In October 2024, Chinese <em>outbound</em> (international) demand finally reached pre-Covid levels</li>
<li>The recovery in <em>domestic</em> activity was completed earlier and more quickly than outbound</li>
</ul>


In this insight we chart the progress of China's tourism recovery vs pre-pandemic levels
In October 2024, Chinese outbound (international) demand finally reached pre-Covid levels
The recovery in domestic activity was completed earlier and more quickly than outbound


Monthly Chinese Tourism Tracker | Five Easy Charts Showing China's Tourism Recovery To Date

<ul>
<li>We compare Trip.com's Revenue, Operating Income, &amp; Net Income to the Chinese airlines</li>
<li>Trip.com has done a better job of converting revenue growth to improved profitability</li>
<li>Trip.com YTD execution impressive, but we see no near-term upside in share price</li>
</ul>


We compare Trip.com's Revenue, Operating Income, &amp; Net Income to the Chinese airlines
Trip.com has done a better job of converting revenue growth to improved profitability
Trip.com YTD execution impressive, but we see no near-term upside in share price


Monthly Chinese Tourism Tracker | Trip.com YTD 2024 Performance Vs. Three Leading Chinese Airlines

<ul>
<li>September's growth in activity still solid for domestic &amp; international traffic</li>
<li>Golden Week anecdotes suggests Chinese tourists remain active, but frugal</li>
<li>Trip.com has shown stellar YTD performance, but airlines offer more upside</li>
</ul>


September's growth in activity still solid for domestic &amp; international traffic
Golden Week anecdotes suggests Chinese tourists remain active, but frugal
Trip.com has shown stellar YTD performance, but airlines offer more upside


Monthly Chinese Tourism Tracker | Still-Solid Growth in September | Consider Airlines (October 2024)

<ul>
<li>By many metrics, Chinese airlines' recent performance exceeds pre-Covid levels</li>
<li>Medium-Term, ongoing int'l recovery and benign fuel prices can boost margins</li>
<li>We believe the airlines could recoup weak relative performance vs Trip.com</li>
</ul>


By many metrics, Chinese airlines' recent performance exceeds pre-Covid levels
Medium-Term, ongoing int'l recovery and benign fuel prices can boost margins
We believe the airlines could recoup weak relative performance vs Trip.com


Rebound in Int'l Demand & Benign Fuel Prices Could Support Recovery in Chinese Airlines' Share Perf

China

Spring Airlines Co., Ltd. offers air transportation services. The Company provides domestic air transportation, international air transportation, cargo transportation, and other services. Spring Airlines also offers ticket home delivery, insurance transaction, and other services.

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Spring Airlines (601021 CH)

China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

In this insight we compare China's progress toward restoring outbound tourism activity to the progress shown by other major tourist sources in the...

Tracking Traffic

Monthly Chinese Tourism Tracker | Five Easy Charts Showing China's Tourism Recovery To Date

In this insight we illustrate the trajectory of China's ongoing recovery in outbound and domestic travel activity in five easy charts.

Tracking Traffic

Monthly Chinese Tourism Tracker | Trip.com YTD 2024 Performance Vs. Three Leading Chinese Airlines

We compare Trip.com's and the three leading Chinese airlines' YTD financial performance. Trip.com has done a better job vs the airlines of...

Tracking Traffic

Monthly Chinese Tourism Tracker | Still-Solid Growth in September | Consider Airlines (October 2024)

Chinese domestic and outbound air travel continued to show solid growth in September and Q3. The airlines have managed capacity restoration well...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

In this insight we compare China's progress toward restoring outbound tourism activity to the progress shown by other major tourist sources in the...

Tracking Traffic

Monthly Chinese Tourism Tracker | Five Easy Charts Showing China's Tourism Recovery To Date

In this insight we illustrate the trajectory of China's ongoing recovery in outbound and domestic travel activity in five easy charts.

Tracking Traffic

Monthly Chinese Tourism Tracker | Trip.com YTD 2024 Performance Vs. Three Leading Chinese Airlines

We compare Trip.com's and the three leading Chinese airlines' YTD financial performance. Trip.com has done a better job vs the airlines of...

Tracking Traffic

Monthly Chinese Tourism Tracker | Still-Solid Growth in September | Consider Airlines (October 2024)

Chinese domestic and outbound air travel continued to show solid growth in September and Q3. The airlines have managed capacity restoration well...

Tracking Traffic

Rebound in Int'l Demand & Benign Fuel Prices Could Support Recovery in Chinese Airlines' Share Perf

We believe improvement in Chinese outbound demand combined with benign fuel prices could lift shares of China's large state-owned airlines,...

Tracking Traffic