2019推荐智慧仓储研究报告--美股-航空业-北美航空业：2017年Q4财报中的关键主题-.pdfVIP

Equity Research 5 February 2018 North America Airlines Key Themes from 4Q17 Earnings EARNINGS REVIEW North America Airlines Another year and another pain test for airline investors. Nonetheless, revenue upside, POSITIVE cost containment and a likely over-reaction to specific growth guidance from United Unchanged keep us bullish on prospects for the deeply valued sector. Since the beginning of the year US Airline stocks are down roughly 8% on average relative to the SP. Despite an For a full list of our ratings, price target and improving economic backdrop and favorable revenue guidance, we think many investors earnings changes in this report, please see became fearful of United’s recently updated strategy which includes meaningful domestic table on page 2. capacity expansion for the next three years. While we see some merit in United’s internal North America Airlines focus on expanding hub connectivity and profitability, the market is clearly concerned