1、February 27, 2010 Asia Pacific: Transportation Goldman Sachs Global Investment Research 1 February 27, 2010 Asia Pacific: Transportation Introducing 2012E earnings forecasts Changes and Implications We are introducing our 2012E EPS estimates for the Transportation stocks in our universe. No changes
2、have been made to 2009E-2011E EPS. There are no changes to our investment theses, ratings or 12-month target prices. Introduce 2012E EPS estimates for transportation stocks in our universe Airlines Ticker Currency 2010E 2011E 2012EAir China (H) 0753.HK CNY 0.27 0.44 0.47Cathay Pacific 0293.HK HKD 0.
3、62 1.43 1.51China Airlines 2610.TW TWD 0.38 0.89 0.94China Eastern Airlines (H) 0670.HK CNY 0.02 0.10 0.11China Southern Airlines (H) 1055.HK CNY 0.32 0.37 0.40EVA Airways 2618.TW TWD 0.79 1.43 1.52Singapore Airlines SIAL.SI SGD 0.90 1.11 1.33Thai Airways THAI.BK THB 0.13 5.23 5.39Bulkers 2010E 2011
4、E 2012EChina COSCO Holdings (H) 1919.HK CNY 0.19 0.39 1.31Korea Line 005880.KS KRW 1,591 3,149 7,589Pacific Basin Shipping 2343.HK USD 0.04 0.08 0.08Precious Shipping PSL.BK THB 2.79 2.98 3.28Sincere Navigation 2605.TW TWD 3.89 3.82 4.29Sinotrans Shipping 0368.HK USD 0.04 0.05 0.04STX Pan Ocean - KR
5、W 028670.KS USD 0.37 1.17 1.27U-Ming Marine 2606.TW TWD 4.31 4.27 4.68Containers 2010E 2011E 2012EChina Shipping Container (H) 2866.HK CNY 0.01 0.18 0.24Evergreen Marine 2603.TW TWD 0.44 2.52 2.77Hanjin Shipping 117930.KS KRW 670 3,624 4,614Hyundai Merchant Marine 011200.KS KRW (134) 1,738 2,556Nept
6、une Orient Lines NEPS.SI USD 0.05 0.20 0.21Orient Overseas International 0316.HK USD 0.15 0.87 1.11Wan Hai Lines 2615.TW TWD 1.35 2.20 2.47Yang Ming Marine Transportation 2609.TW TWD 0.17 0.99 1.10Tankers 2010E 2011E 2012EChina Merchants Energy Shipping 601872.SS CNY 0.50 0.64 0.72China Shipping Dev
7、elopment (H) 1138.HK CNY 1.28 1.67 1.84Railroad 2010E 2011E 2012EGuangshen Railway (H) 0525.HK CNY 0.23 0.25 0.26Daqin Railway 601006.SS CNY 0.64 0.61 0.62MRO 2010E 2011E 2012EHAECO 0044.HK HKD 7.73 8.75 9.43SIA Engineering SIAE.SI SGD 0.24 0.26 0.27Pre-exceptional EPSSource: Company data, Goldman S
8、achs Research estimates Tom Kim +852-2978-0856 | Goldman Sachs (Asia) L.L.C. Hino Lam +852-2978-0526 | Goldman Sachs (Asia) L.L.C. Ronald Leung +852-2978-1255 | Goldman Sachs (Asia) L.L.C. Ricky Tsang +852-2978-6631 | Goldman Sachs (Asia) L.L.C. The Goldman Sachs Group, Inc. does and seeks to do
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11、Asia Pacific: Transportation Goldman Sachs Global Investment Research 2 Reg AC We, Tom Kim and Hino Lam, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no par
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