汇丰银行2015年亚洲交通运输行业行业投资研究报告.pdfVIP

Industrials abc Asian Transport Global Research Transport Indicators Expect demand recovery in 2013 led by airfreight, travel then container trade 2013 outlook Long-haul airlines and probably liners best placed to benefit; LCCs, drybulk Expect recovery, but the pace will vary face capacity risks and fragmentation Key Overweight stocks are COSCO Pacific, Cathay Pacific; China COSCO Transport indicators – summary and CSCL are key Underweight stocks ___ Demand_____ _ Pricing/rates___ __Share catalysts _ Latest Outlook* Latest Outlook* Latest Outlook* Signs of recovery: Air cargo has started to recover in 4Q12. Dry bulk ↔ ↔ ↓ ↓ ↔ ↓ We expect this to continue in 1H13 and to be followed by Air cargo ↑ ↑ ↑ ↑ ↑ ↑ Liners ↔ ↔ ↓ ↓ ↓ ↓ corporate travel and containerised trade. After a soft patch, we Ports ↔ ↔ ↔ ↔ ↔ ↔ Passenger ↓ ↑ ↓ ↔ ↔ ↔ expect mainland passenger demand to also pick up. Capacity Note: * next