Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Capital market veteran with 22 years experience with stints as an analyst (sell-side & buyside), investor relations and fund manager. 

My key expertise in the aviation sector. My definition of "aviation" includes airlines, travel tours, airports, airport retail & services, OEMs, online travel agents, aircraft lessors, air cargo/logistics, etc.   

I have an active watchlist consisting 190 companies across 41 countries. The aviation sector is highly cyclical and I am constantly evaluating signals to uncover attractive trade opportunities.

Thanks to High Cargo Yields & Early Tourism Rebound, EVA & CAL Remain Highly Profitable in H223

TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

TS Lines Pre-IPO | Like Wan Hai Lines, but Smaller | Intra-Asia Update | Approaches to Valuation

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-airlines-ltd" target="_blank" data-smartkarma-citation="entities:4591:1" rel="noopener">China Airlines (2610 TT)</a> will deliver record profit in 2023 on strong passenger and rising cargo rates</li>
<li>Beyond 2023, hard to forecast due to high exposure (~30%) to volatile cargo, and it lacks brand recognition and customer loyalty evidenced by its weaker yields to local rival   </li>
<li>Target price of TWD23 based on 1.71x FY2024 P/BV ratio - one SD above mean. Limited 6% UPSIDE, with 3,9% dividend yield. Prefer <a href="https://www.smartkarma.com/entities/eva-airways-corp" target="_blank" data-smartkarma-citation="entities:20645:1" rel="noopener">Eva Airways (2618 TT)</a> </li>
</ul>



China Airlines (2610 TT) will deliver record profit in 2023 on strong passenger and rising cargo rates
Beyond 2023, hard to forecast due to high exposure (~30%) to volatile cargo, and it lacks brand recognition and customer loyalty evidenced by its weaker yields to local rival   
Target price of TWD23 based on 1.71x FY2024 P/BV ratio - one SD above mean. Limited 6% UPSIDE, with 3,9% dividend yield. Prefer Eva Airways (2618 TT) 


China Airlines (2610 TT, NEUTRAL, TP:TWD 23.00): Superb 2023 Masks Upcoming Challenges