AC run industry: Aviation steady increase in rail shipping stabilized

Galaxy Securities Mao Ang

Core ideas:

The delivery of benefits of economic recovery, rising freight rates varied from.

First half of 2010 the positive recovery in the global economy and stabilizing the situation in the Chinese economy, China's foreign trade full resumption of imports of transport demand, significant impact on the sea; in countries to strengthen domestic demand, supported by investment and consumption, rail transport, air transport benefit significantly; Global pullback in oil prices will support the transportation industry level of profits.

Shipping Price: bulk climbed, oil transport sound, set to resume operation.

1, bulk transport: iron ore imports slow down leading to tariff back to block.

2, Tanker Shipping: steady increase in demand, tariffs gradually restored.

3, Cargo: gradual recovery in global trade, low tariffs significantly rebounded.

4, supply and demand: the supply ship to accelerate the rate of inhibition increased shipping prices.

Air freight: steady increase in best level in history.

1, to support fast recovery of domestic demand for air freight sharp rebound.

2, the international economy has gradually recovered to support the price level of aviation recovery.

3, domestic and international air cargo price to support economic recovery gradually restored.

Rail freight: Freight fast recovery, passenger stable.

1, freight: rail freight demand to support economic recovery and the price gradually restored.

2, Passenger: consumer promotion and support of high speed solid growth in passenger demand and prices.

3, railway restructuring and the market will support long-term upward trend in prices of railway transport.

Concerned about the economic recovery and healthy growth of the company.

We provide the transport industry average of 22 times its 2010 price-earnings ratio of 12 times EV / EBITDA valuations. Ability to integrate with the industry recommended caution and a clear growth prospects of companies such as Datong-Qinhuangdao Railway (8.63, -0.06, -0.69%), Air China (11.36, -0.06, -0.53%), Citroen Logistics (15.58,0.94,6.42 %), long jet fuel transport (5.64, -0.04, -0.70%).