Dim Sum Express
Transportation: 2H17 sector outlook; earnings visibility and growth potential two criteria forstock selection
In 2H17 we highlight industry leaders that might see continued re-rating and stocks with steadygrowth potential. Airlines’ operating profit should improve substantially HoH in 2H17 given morefavorable fuel prices and exchange rates. As positivity in the airport subsector is now quite fullyfactored in, we believe the time horizon for investing in airport names has been lengthened and thatinvestors will refocus on organic business growth as a share price driver. As industry growth slows,cost control and branding will become courier companies’ core competitiveness. Rebounding interestrates have put pressure on companies with higher debt ratios; companies diversifying into otherbusiness fields are worth watching as the return on new road construction projects continues todecline.
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