Air China Limited

SSE

601111

Stock

Yield per half year: +8.77%
Dividend yield: 0%
Sector: Industrials

Reporting Air China Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				195.45							133.04	195.45	0.00
Выручка, млрд ¥		113.96	121.36	136.77	136.18	69.5	74.53	52.9	141.1	166.7	166.7	100.95	19.12
Чистая прибыль, млрд ¥		6.81	7.24	7.34	6.41	-14.41	-16.64	-38.62	-1.05	-0.2373	-0.2373	-14.1915	-56.01
EV, млрд ¥				224.25	165.72	163.69	191.02	242.54	215.11	221.72	221.72	206.82	6.26
EBIT, млрд ¥	14.73	26.95	11.89	12.88	14.29	-11.35	-17.41	-36.11				-7.5400	-222.90
EBITDA, млрд ¥			28.14	27.38	35.34	7.04	4.6	-18.17	-32.06		-18.17	-0.6500	-198.07
OIBDA, млрд ¥						10.52	4.4	-15.29				-0.1233	-213.27
Баланс стоимость, млрд ¥		68.88	86.12	93.22	93.51	77.58	61.4	23.61	37.23	45.15	45.15	48.99	-10.26
FCF, млрд ¥			8.75	19.11	25.23	-10.63	6.81	-24.4	12.65	14.44	14.44	-0.2260	-206.32
Операционный денежный поток, млрд ¥		30.72	26.39	31.42	38.34	1.41	12.89	-16.76	35.42	34.55	34.55	13.50	89.60
Операционная прибыль, млрд ¥		13.5	9.45	10	9.41	-10.94	-16.84	-35.74	0.3802	-0.4235	-0.4235	-12.7127	-47.81
Операционные расходы, млрд ¥		97.12	108.61	123.39	121.45	80.44	91.37	88.64	140.72	167.12	167.12	113.66	15.75
CAPEX, млрд ¥		20.64	17.64	12.31	13.11	12.04	6.07	7.64	22.77	20.1	20.1	13.72	10.79

	2018Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Капитализация, млрд ¥	156.71																	156.71	0.00
Выручка, млрд ¥								18.14	10.81	25.07	34.55	45.86	35.62	40.07	39.45	48.63	38.55	40.46	1.59
Чистая прибыль, млрд ¥								-8.67	-10.52	-2.93	-0.5243	4.24	-1.84	-1.67	-1.11	4.14	-1.6	-0.4160	-2.76
EV, млрд ¥								224.14	253.58	257.12	226.74	217.34	215.11	209.42	206.92	202.23	221.72	211.08	0.61
EBIT, млрд ¥		-5.99	-0.328	-3.19	-7.9	-8.36	-8.74	-6.24	-12.77	-3	0.0073							-6.1485	-124.23
EBITDA, млрд ¥		-7.32	0.5721	-3.84	-5.75	-8.94	-10.99	-8.65	-10.83	-1.6	0.7746							-6.2591	-158.83
Баланс стоимость, млрд ¥								35.15	23.61	35.33	34.94	39.06	37.23	37.34	36.61	40.54	45.15	39.37	3.93
FCF, млрд ¥								-2.72	-13.82	4.53	6.56	8.23	-6.67	7.19	2.98	9.05	-4.78	1.55	-6.45
Операционный денежный поток, млрд ¥		-1.25	8.59	2.82	2.74	-7.66	1.01	1.75	-11.87	6.8	13.24							2.19	67.31
Операционная прибыль, млрд ¥								-6.34	-12.41	-2.99	0.1806	5.94	-2.75	-0.8503	-1.13	4.21	-2.65	-0.6341	-0.74
Операционные расходы, млрд ¥								24.48	23.22	28.06	34.36	39.92	38.37	40.92	40.59	44.42	41.2	41.10	1.43
CAPEX, млрд ¥								4.47	1.95	2.27	6.68	4.82	9.01	2.22	5.27	4.04	8.58	5.82	-0.97

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥		7.32	6.26	7.81	9.66	6.58	16.71	11.44	15.63	22.47	22.47	14.57	27.84
Short Term Investments ¥		0.000222	0.0199				0.0042	0.0034	0.0025	0.0376	0.0376	0.0135	13.57
Long term investments ¥	13.57	16.33	16.64	17.85								16.10	7.09
Total Receivables ¥		7.13	8.3	11.66	11.64	2.94	2.99	1.65	3.18	3.67	3.67	2.89	4.54
Total Current Assets ¥		19.32	20.76	23.73	24.82	19.74	30.4	22.25	32.33	40.69	40.69	29.08	15.57
Чистые активы, млрд ¥	170.02	178.23	188.62	192.58	240.99	237.93	239.09	241.87	45.44		22.25	201.06	-28.37
Активы, млрд ¥		224.13	235.72	243.72	294.25	284.07	298.42	295.01	335.3	345.77	345.77	311.71	4.01
Short Term Debt ¥		19.64	20.68	21.03	20.95	29.84	22	21.95	21.36	19.89	19.89	23.01	-7.79
Long Term Debt ¥		37.83	22.11	15.59	16.6	31.64	53.12	78.06	89.97	83.84	83.84	67.33	21.52
Задолженность, млрд ¥		147.65	140.79	143.16	192.88	200.26	232.55	273.45	300.01	304.82	304.82	262.22	8.77
Чистый долг, млрд ¥			36.53	28.81	27.88	54.9	58.41	88.58	95.71	81.26	81.26	75.77	8.16
Долг, млрд ¥		57.47	42.79	36.61	37.55	61.48	75.12	100.01	111.34	103.72	103.72	90.33	11.03
Interest income ¥		0.1271	0.2237	0.1726	0.1632	0.1916	0.1121	0.2287	0.605			0.2601	29.96
Расходы на обслуживание долга ¥				2.91	4.95	5.1	5.5	6.47	6.94	6.4	6.4	6.08	4.65
Чист. проц. доходы, млрд ¥		-3.26	-2.99	-2.9	-4.96	-1.31	-5.36	-10.34	-6.42		0.605	-5.6780	5.30
Goodwill, млрд ¥	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	4.1			1.70	30.10
Себестоимость, млрд ¥		87.2	100.3	115.13	113.25	75.63	85.84	82.81	134.01	158.19	158.19	107.30	15.90
Товарно материальные запасы ¥		1.68	1.54	1.88	2.1	1.85	2.32	2.77	3.68	4.22	4.22	2.97	17.93

	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥														14.58	11.44	32.64	26.61	22.22	15.63	22.47	22.37	21.85	22.47	20.96	7.53
Short Term Investments ¥														0.0528	0.0034	0.0031	0.113	0.0027	0.0025	0.0025	0.0021	0.0026	0.0376	0.0095	71.97
Long term investments ¥	17.61	18.83	17.85	16.7	17.05	18.18																		17.72	-0.70
Total Receivables ¥														5.12	6.86	6.1	11.81	3.34	3.18	4.33	5.48	3.84	3.67	4.10	2.91
Total Current Assets ¥														26.77	22.25	45.44	43.27	38.51	32.33	40.63	42.9	40.35	40.69	39.38	4.71
Чистые активы, млрд ¥								236.66	237.15	236.73	239.09	238.7	237.3	238.63	241.87	260.15	260.52							247.69	1.88
Активы, млрд ¥														296.94	295.01	345.15	344.51	338.86	335.3	341.32	345.42	344.55	345.77	342.47	0.62
Short Term Debt ¥														19.15	21.95	34.15	28.22	23.34	21.36	24.31	24.78	24.21	19.89	22.91	-1.42
Long Term Debt ¥														67.05	78.06	87.61	91.64	84.18	89.97	87.27	84.38	69.12	83.84	82.92	-1.40
Задолженность, млрд ¥														261.6	273.45	315.81	311.59	300.84	300.01	306.28	311.55	306.57	304.82	305.85	0.32
Чистый долг, млрд ¥														71.63	88.58	89.12	93.24	85.3	95.71	89.12	86.78	71.47	81.26	84.87	-3.22
Долг, млрд ¥					34.87	37.99	37.55										119.86	107.52	111.34	111.59	109.16	93.33	103.72	105.83	-1.41
Interest income ¥										0.0227	0.0482	0.0294	0.063	0.0668	0.0695	0.11	0.4014	0.7725	1.09					0.4887	73.42
Расходы на обслуживание долга ¥														1.64	1.69	1.68	1.86	1.78	1.62	1.68	1.59	1.58	1.55	1.60	-0.88
Чист. проц. доходы, млрд ¥												-1.25	-4.04	-6.31	-0.9721	-1.06	-2.22	-3.08	-0.0552	0.1336	0.112			-1.0219	-155.03
Goodwill, млрд ¥										1.1	1.1	1.1	1.1	1.1	1.1	1.1	4.1	4.1	4.1					2.90	30.10
Себестоимость, млрд ¥														23.11	21.4	26.32	32.89	38.15	36.66	38.73	38.74	42.28	38.44	38.97	0.95
Товарно материальные запасы ¥														2.47	2.77	3.29	3.94	3.92	3.68	4.58	4.85	5	4.22	4.47	2.78

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	0.56	0.5281	0.57	0.47	-1.05	-1.13	-2.66	-0.0646	-0.0136		-0.0136	-0.9836	-58.08
Цена акции ао		12.32	7.64	9.69	7.49	9.13	10.6	7.34	7.91	7.69	7.69	8.53	-3.37
Число акций ао, млн			19945.95	14524.82	14524.82	14524.82	14524.82	16200.79	17448.42		17448.42	15444.73	3.74
FCF/акцию			0.9581	1.74	-0.7318	0.4691	-1.68	0.7808	0.8277		0.8277	-0.0668	-202.49

	2018Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	5 quarters average	CAGR 5
EPS					-0.63	-0.77	-0.19	-0.0324	0.2618	-0.1134	-0.1009	-0.0668	0.2497	-0.0916		-0.0246	-4.18
Цена акции ао		8.42	9.76	9.59	10.2	10.5	10.71	9.49	8.7	7.73					7.69	8.86	-6.41
Число акций ао, млн	19945.95															19945.95	0.00
FCF/акцию					-0.1871	-0.9514	0.2796	0.4048	0.5079	-0.4116	0.4334	0.1797	0.5452	-0.274		0.0945	-7.82

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %		9.89	8.41	7.87	6.85	-18.57	-27.1	-90.86	-3.44	-0.5761		-0.5761	6.49	-28.1092	-50.07
ROA, %		3.04	3.07	3.01	2.18	-5.07	-5.58	-13.02	-0.332	-0.0697		-0.0697	2.97	-4.8143	-57.57
ROIC, %	9.3	9.16	9.59	9.04	9.65	-6.22	-7.37	-25.16	3.71					-5.0780	-17.40
ROS, %			5.97	5.36	4.71	-20.73	-22.33	-73.01	-0.7416	-0.1424	-0.1424	-0.1424	5.92	-19.2733	-63.61
ROCE, %	22.11	35.24	12.53	12.81	14.09	-13.55	-26.44	-17.83			0	0	-1.47	-6.1840	-206.84
Ebit margin, %					10.49	-16.34	-23.36	-68.26			0	0	-0.43	-24.3675	-259.72
Рентаб EBITDA, %			23.19	20.02	25.95	10.13	6.17	-34.34	-49.29		-10.9	-10.9	16.05	-15.6460	-201.48
Чистая рентаб, %		5.98	5.97	5.36	4.71	-20.73	-22.33	-73.01	-0.7416	-0.1424		-0.1424	5.92	-23.3908	-63.07
Operation Margin, %			7.79	7.31	6.91	-15.73	-22.6	-67.57	0.2694	-0.2541	-0.2541	-0.2541	9.09	-18.0818	-59.25
Доходность FCF, %				9.78										9.78	0.00

	2019Q2	2019Q3	2019Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
ROE, %										-24.66	-44.54	-8.28	-1.58	12.95	-5.26	-4.54	-2.97	10.98	-4.11			6.49	-1.1800	-4.81
ROA, %										-2.92	-3.56	-0.8479	-0.1521	1.24	-0.5452	-0.4949	-0.3227	1.2	-0.4633			2.97	-0.1252	-3.20
ROIC, %	1.51	4.53	0.5895										0.9288	4.09	0.0221	0.0408	0.3841	4.29	-0.0254				0.9423	-202.82
ROS, %												-11.67	-1.52	9.25	-5.16	-4.18	-2.81	8.52	-4.15	-0.1424	-0.1424	5.92	0.2550	-44.92
ROCE, %				-7.74	-0.4246	-4.36	-11.99	-14.96	-19.58	-17.66	-59.23	-10.22	0.0034									-1.47	-21.3373	-117.70
Ebit margin, %													0.0213									-0.43	0.0213	0.00
Рентаб EBITDA, %						-19.4	-33.66	-69.21	-99.6	-47.68	-100.17	-6.37	2.24							-10.9	-10.9	16.05	-25.2200	-35.83
Чистая рентаб, %										-47.8	-97.29	-11.67	-1.52	9.25	-5.16	-4.18	-2.81	8.52	-4.15			5.92	-1.5560	-4.26
Operation Margin, %												-11.94	0.5229	12.95	-7.71	-2.12	-2.87	8.65	-6.87	-0.2541	-0.2541	9.09	-0.3196	-38.42

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E		26.64	21.51								34.97	24.08	-10.14
P/BV		2.1	1.36	1.3	2.01	7.14	3.38	3.43		3.43	2.95	3.45	21.41
P/S		1.43	1.01	1.57	1.78	2.91	0.8462	0.8426		0.8426	1.95	1.59	-11.70
P/FCF		10.23					-5.45	10.52	9.21	9.21	-3.68	6.13	-2.59
E/P		0.0375					-0.2903	-0.0079	-0.0018	-0.0018	0.05	-0.0656	-146.81
EV/EBIT			11.6	-14.42	-10.97	-6.72		0	0	0	0.21	-5.1275	-187.24
EV/EBITDA		8.19	4.69	23.25	41.53	-13.35	-7.04			-13.74	10.29	9.82	-208.46
EV/S		1.64	1.22	2.36	2.56	4.59	1.52	1.33	1.33	1.33	2.09	2.27	-12.28
EV/FCF		11.73	6.57	-15.4	28.04	-9.94	17.01	15.35	15.35	15.35	-2.52	13.16	-11.35
Debt/EBITDA	1.52	1.34	1.06	8.73	16.33	-5.51	-13.23	-13.23	-5.71	-5.71	7.98	-4.2700	-181.05
Netdebt/Ebitda	1.3	1.05	0.7889	7.8	12.7	-4.88	-4.88	-5.27	-4.47	-4.47	-30.01	-1.3600	-181.15
Debt/Ratio	0.1815	0.1502	0.1276	0.2164	0.2517	0.339	0.3321	0.3	0.3	0.3	0.17	0.3046	3.57
Debt/Equity	0.4969	0.3928	0.4016	0.7924	1.22	4.24	2.99	2.3	7.44	7.44	4.01	3.64	43.56
Debt/Net Income	5.91	4.99	5.86	-4.27	-4.51	-2.59	-106.4	-437.09	-437.09	-437.09	-3.70	-197.5360	149.62
PEG									0	0	805.71
Бета							2.42	0.6514	1.07	1.07	-0.16	1.38	-23.82
Индекс Альтмана		5.95					0.9942	1.38	1.17	1.17	5.02	2.37	-33.41

	2018Q4	2019Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
P/E	392.83										-12.07				-251.15					34.97	43.20	-186.15
P/BV							4.32	7.65	5.73	4.05	3.47	3.38	3.43	3.55	3.44	3.43				2.95	3.45	0.29
P/S							2.58	3.12	2.41	1.45	1.12	0.8462	0.757	0.7371	0.7942	0.8105				1.95	0.7890	-0.86
P/FCF																		9.21	9.21	-3.68	9.21	0.00
E/P	0.0025																	-0.0018	-0.0018	0.05	-0.0004	-189.63
EV/EBIT										30856.81										0.21	30856.81	0.00
EV/EBITDA					-11.47	-7.54	-6.53	-6.43	-8.02	-11.17										10.29	-7.9380	8.18
EV/S	5.03									6.56	4.74	6.04	5.23	5.24	4.16	5.75		1.33	1.33	2.09	3.56	-23.98
EV/FCF										34.57	26.41	-32.26	29.12	69.39	22.35	-46.38		15.35	15.35	-2.52	15.21	-26.05
Debt/EBITDA										154.73								-5.71	-5.71	7.98	47.77	-133.29
Netdebt/Ebitda			-15.6	-10.16	-7.06	-6.21	-8.28	-8.18	-55.78	120.37								-4.47	-4.47	-30.01	9.49	-11.38
Debt/Ratio		0.1276								0.3479	0.3173	0.3321	0.3269	0.316	0.2709	0.3		0.3	0.3	0.17	0.2974	-1.03
Debt/Equity		0.4016								3.43	2.75	2.99	2.99	2.98	2.3	2.3		7.44	7.44	4.01	4.49	20.08
Debt/Net Income		-106.21								-228.59	25.35	-60.58	-66.64	-98.51	22.52	-64.87		-437.09	-437.09	-3.70	-203.0080	34.72
Бета																	-0.2226	1.01	1.07	-0.16	0.6191	-268.77
Индекс Альтмана																	1.38	1.17	1.17	5.02	1.24	-5.35

Dividends

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд				3.86	4.76	5.12	4.41	6.24	6.07	5.76	7.51	6.56		6.93		6.43	1.01
Дивиденд	0.118	0.0594	0.0453	0.0522	0.107	0.1077	0.115	0.1033	0.0444					0		0.0955	-16.13
Див доход, ао, %	2.01	1.26	1.12	0.543	1.46	1.17	1.17	1.16	0.6037					0	0.10	1.11	-16.19
Дивиденды / прибыль, %				57.05	69.83	70.67	60.05	97.38	-42.13	-34.59	-19.46	-627.08		0	88.56	-125.1760	-245.13
Dividend Coverage Ratio													-0.0342	-0.0342		-0.0342	0.00

	2011Q2	2012Q3	2013Q3	2014Q3	2015Q3	2016Q2	2017Q3	2018Q3	2019Q3	2020Q3	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд											1.69	1.58	1.94	1.96	1.75	1.87	1.74	1.67	1.6	1.56				1.69	-3.56
Дивиденд	0.1182	0.118	0.0594	0.0453	0.0522	0.107	0.1077	0.115	0.1033	0.0444														0.0955	-16.13
Див доход, ао, %	1.15	2.14	1.47	1.26	0.5596	1.5	1.19	1.5	1.21	0.6115													0.10	1.20	-16.43
Дивиденды / прибыль, %											-19.51	-15.01	-66.16	-374.2	41.34	-101.79	-103.63	-150.52	38.54	-97.64			88.56	-83.0080	-0.83
Dividend Coverage Ratio																					-0.0342	-0.0342		-0.0342	0.00

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IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	17.32	8.15	14.44	16.14	12.06	12.06	-6.98
Персонал, чел				87 190	87 190		0.00

	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	CAGR 5
CAPEX/Выручка, %	25.29	5.53	13.35	8.3	22.27	-2.51

	CAGR 5