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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  China Aircraft Leasing Group Holdings Limited    1848   KYG211241057

CHINA AIRCRAFT LEASING GROUP HOLDINGS LI

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China Aircraft Leasing Hldgns : says no change to Boeing 737 MAX order

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04/09/2019 | 12:30am EST
FILE PHOTO: Employees walk by the end of a 737 Max aircraft at the Boeing factory in Renton

SHANGHAI (Reuters) - China Aircraft Leasing Group Holdings Ltd (CALC) on Tuesday said it has not put its order for 100 Boeing Co 737 MAX jets on hold, rebutting an earlier report by the South China Morning Post (SCMP) newspaper.

The SCMP attributed its information to comments from CALC Chairman Chen Shuang. The Hong Kong-listed lessor said Chen was misquoted.

More than 300 Boeing 737 MAX jets have been grounded worldwide after nearly 350 people died in crashes in Indonesia in October and in Ethiopia last month.

Boeing has also frozen deliveries of the 737 MAX planes as aviation authorities investigate the causes behind both disasters, with the company so far saying that an erroneous activation of so-called MCAS anti-stall software was "a common link" between the two.

The Hong Kong-based newspaper later on Tuesday updated its story to quote CALC Chief Executive Mike Poon as saying the company had not stopped payment, but as deliveries were on hold, it did not need to make any payment for the time being.

A spokeswoman for CALC told Reuters that Poon was referring to Boeing's overall suspension of deliveries to airlines.

"Our company currently does not have plans to change our Boeing aircraft orders," she said. She added that CALC's first Boeing 737 MAX delivery, initially scheduled for the third quarter of this year, could be delayed due to the suspension.

The Hong Kong-listed lessor, controlled by state-owned conglomerate China Everbright Group Co Ltd, placed an order for 50 737 MAX aircraft in June 2017 and later expanded the order.

A Boeing spokesman on Tuesday said the plane maker was focused on supporting customers and to ensure the 737 MAX's return to commercial flight.

"China Aircraft Leasing Group Holdings has been and continues to be a valued customer and we are sorry for any disruption this situation has caused them," the spokesman said.

(Reporting by Brenda Goh and Stella Qiu; Additional Reporting by Shanghai Newsroom; Editing by Christopher Cushing)

Stocks mentioned in the article
ChangeLast1st jan.
BOEING COMPANY (THE) 0.23% 339.89 Delayed Quote.4.52%
CHINA AIRCRAFT LEASING GROUP HOLDINGS LIMITED -0.63% 7.94 End-of-day quote.-3.87%
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Financials (HKD)
Sales 2019 3 616 M
EBIT 2019 934 M
Net income 2019 814 M
Debt 2019 23 703 M
Yield 2019 8,37%
P/E ratio 2019 6,61x
P/E ratio 2020 6,08x
EV / Sales2019 8,03x
EV / Sales2020 8,51x
Capitalization 5 323 M
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Technical analysis trends CHINA AIRCRAFT LEASING GRO
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Mean consensus BUY
Number of Analysts 3
Average target price 9,82  HKD
Last Close Price 7,86  HKD
Spread / Highest target 28,1%
Spread / Average Target 25,0%
Spread / Lowest Target 19,6%
EPS Revisions
Managers
NameTitle
Ho Man Poon Chief Executive Officer & Executive Director
Wei Zhao Chairman
Yu Ping Tang Chief Operating Officer
Chung Tat Mok Chief Financial Officer & Deputy CEO
Patrick Trant Vice President-Technical
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