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Transportation

China Airlines Ltd.

  • 10.25 TWD
  • +0.15
  • +1.49%
  • Taiwan
    Feb 15, 2019
  • Ticker
    TAI(2610)
  • Prev. close
    10.10
  • Market cap (TWD)
    54,751.94M
  • Market cap (USD)
    1,775.95M
  • Shares
    5,420.98M

Company Background

Founded in December 1959 by the Taiwanese government, China Airlines is Taiwan's flagship carrier and its largest. It is a member of the SkyTeam global airline alliance and offers both passenger and air cargo services.

The government-controlled airline flies to major destinations in North America, Europe and Asia. Traditionally a long-haul carrier with a fleet of 90 passenger and cargo jets, it mainly relies on Airbus A330 and Boeing 747 planes for intercontinental flights.

Now it mostly depends on regional passenger flights, particularly to China, Japan and South Korea, for revenue growth. Passenger flights account for more than two-thirds of the company's annual revenue, with the remainder coming from cargo services and onboard sales of duty-free goods.

In 2013, it created Tigerair Taiwan with Singapore-based Tigerair to tap Asia's budget air travel market.

Company President Chang Yu-Hern is a veteran in the local transportation sector. Previously he served as director-general of the Institute of Transportation under Ministry of Transportation and Communications. Before that, he was a director and consultant at the China Aviation Development Foundation, a government-controlled entity that is responsible for growing Taiwan's aviation industry.

Business Summary

China Airlines Ltd. engages in the provision of international air passenger transport and freight services. Its business includes air passenger transport in regular or occasional international charter contract; air cargo services; civil aviation international airport and transit of aircraft handling services; aircraft merchandise sales; aircraft catering; aircraft internal products such as cloth laundry washing and hospitality industry general business; in, out, and transit air cargo warehousing services; and aircraft airframe maintenance. The company was founded on September 07, 1959 and is headquartered in Taoyuan, Taiwan.

Financial Highlights

Dec 2017 TWDUSD
Revenue156,121.78M5,131.75M
Gross Profit21,041.46M691.63M
Operating income8,826.43M290.12M
Income before tax2,987.72M98.20M
Net income2,208.06M72.57M
EBITDA27,425.31M901.47M
Diluted EPS0.390.01
Dividends Per Share0.210.00
Total Assets225,899.63M7,591.09M
Total liabilities166,888.70M5,608.10M
Total equity56,876.64M1,911.27M
Operating cash flow28,469.88M935.81M
Currency in TWDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 141,702.54M 150,581.74M 145,056.21M 141,079.10M 156,121.78M
Gross Profit 8,768.36M 12,784.37M 19,445.12M 17,152.70M 21,041.46M
Operating income -761.52M 2,514.30M 8,129.47M 4,564.96M 8,826.43M
Income before tax -811.54M -151.64M 6,618.74M 1,342.86M 2,987.72M
Net income -1,274.04M -751.23M 5,763.71M 571.54M 2,208.06M
EBITDA 16,533.74M 20,030.17M 25,461.01M 22,257.69M 27,425.31M
Diluted EPS -0.25 -0.14 1 0.10 0.39
Dividends Per Share 0 0 0.45 0 0.21
Total Assets 220,975.89M 229,071.75M 221,926.30M 224,500.75M 225,899.63M
Total liabilities 168,604.16M 178,541.25M 161,601.78M 166,780.24M 166,888.70M
Total equity 50,287.84M 48,203.53M 58,037.87M 55,637.13M 56,876.64M
Operating cash flow 20,074.72M 16,852.79M 31,948.04M 17,544.64M 28,469.88M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 4,774.14M 4,969.16M 4,568.11M 4,374.43M 5,131.75M
Gross Profit 295.41M 421.88M 612.36M 531.85M 691.63M
Operating income -25.65M 82.97M 256.01M 141.54M 290.12M
Income before tax -27.34M -5.00M 208.43M 41.63M 98.20M
Net income -42.92M -24.79M 181.51M 17.72M 72.57M
EBITDA 557.04M 660.99M 801.81M 690.14M 901.47M
Diluted EPS -0.00 -0.00 0.03 0.00 0.01
Dividends Per Share 0 0 0.01 0 0.00
Total Assets 7,414.42M 7,248.64M 6,756.36M 6,965.79M 7,591.09M
Total liabilities 5,657.19M 5,649.68M 4,919.83M 5,174.85M 5,608.10M
Total equity 1,687.31M 1,525.33M 1,766.91M 1,726.30M 1,911.27M
Operating cash flow 676.34M 556.13M 1,006.10M 544.00M 935.81M

Valuation Measures

Dec 2017
PER29.12
ROA0.98%
ROE3.92%
Operating margin5.65%
Profit margin1.41%

Key executives

  • Director, President & General Manager: Su Chien Hsieh
  • Vice President-Flight Operations: Ming Hui Lai
  • Vice President-Information Management: Shih-Ming Lu
  • Vice President-Administration: Yueh Han Ku
  • Vice President-Passenger Marketing: Jyh-Fen Tsao

Shareholders

  • China Aviation Development Foundation (34.4%)
  • National Development Fund of The Executive Yuan (9.5%)
  • Chunghwa Telecom Co. Ltd. (4.8%)
  • Dimensional Fund Advisors LP (1.9%)
  • The Vanguard Group, Inc. (1.8%)
  • Labor Pension New Fund (1.5%)
  • BlackRock Fund Advisors (1.4%)
  • Cathay Life Insurance Co., Ltd. (Invt Port) (1.0%)
  • China Airlines Ltd. Employee Stock Ownership Trust Plan (0.9%)
  • Norges Bank Investment Management (0.8%)

Contact Details

Related Companies

  • Taiwan Aircraft Maintenance & Engineering Co. Ltd.
  • Global Sky Express Ltd.
  • China Pacific Laundry Services Ltd.
  • Yestrip Co., Ltd.
  • Hwa Hsia Co. Ltd. /TW/
  • China Airlines Ltd. Employee Stock Ownership Trust Plan
  • China Airlines Ltd. (California)
  • Cal Park Co. Ltd.
  • China Pacific Catering Services Ltd.
  • Taiwan Air Cargo Terminal Ltd.
  • Cal Hotel Co., Ltd.
  • Taoyuan International Airport Services Co. Ltd.
  • Science Park Logistics Co. Ltd.
  • Dynasty Holidays, Inc.
  • Freighter Queen Ltd.
  • Freighter Prince Ltd.
  • Freighter Princess Ltd.
  • Hua Chuan Travel Agency
  • CAL-Asia Investment Inc.
  • Hsien Chi Information System Co. Ltd.
  • Hua Sheng Investment Co. Ltd.
  • Hua Hsin Aviation Co. Ltd.
  • Cal-Dynasty International, Inc.
  • China Airlines Warehouse Co. Ltd.
  • Mandarin Airlines Ltd.
  • Taiwan Airport Services Co. Ltd.

Competitors

  • China Southern Airlines Company Limited Class H
  • Eva Airways Corporation
  • China Eastern Airlines Corporation Limited Class H
  • Air China Limited Class H
  • Thai Airways International Public Co. Ltd.
  • Cathay Pacific Airways Limited
  • Japan Airlines Co., Ltd.
  • Qantas Airways Limited
  • Singapore Airlines Ltd.
  • Korean Air Lines Co., Ltd
  • Asiana Airlines Inc.
  • ANA Holdings Inc.
  • International Consolidated Airlines Group SA
  • Air Berlin PLC
  • Air Canada
  • Air France-KLM SA
  • American Airlines Group, Inc.
  • LATAM Airlines Group SA
  • United Continental Holdings, Inc.
  • Atlas Air Worldwide Holdings, Inc.
  • Norwegian Air Shuttle ASA
  • Turk Hava Yollari A.O.
  • United Parcel Service, Inc. Class B
  • Nippon Yusen Kabushiki Kaisha
  • Deutsche Lufthansa AG
  • Aeroflot-Russian Airlines PJSC
  • Delta Air Lines, Inc.
  • Deutsche Post AG
  • easyJet plc
  • FedEx Corporation
Last Updated on 15 Feb, 2019

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