MMarch3,202404:10AMGMTUpdateHongKong/ChinaTransportation&InfrastructureMorganStanleyAsiaLimited++8522239-1875AsiaPacific+8523963-1737QianleiFan,CFA+8522848-8906WeekinReview(Issue9-24)EquityAnalystFebruary2024inreview:westaypositiveonSpringAirlines,Qianlei.Fan@morganstanley.comZTOandtankershipping.TennySongChinaAirTravel:ResearchAssociate•Airlineswere+3.1%inFebruaryvs.HSI+6.6%andSSEC+8.1%.AirportsTenny.Song@morganstanley.comrecorded+13.1%inFebruary,totalJanuarypaxofHMIA,GBIA,Shanghai(PVG+SHA)andBCIA,recoveredto120%,104%,97%and63%,respectively,JasmineQiuoftheirJan-19levels.SpringAirlinesoutperformedwith9.6%monthlyreturninairlines,andHMIAoutperformedwith26.7%returninairports.ResearchAssociateJasmine.Qiu@morganstanley.com•AirtraveldemandroseduringCNY,butnormalizedaftertheholiday,andmaybringpressuretoyields.WecontinuetofavorSpringAirlinesthemostHongKong/ChinaTransportation&inourairlinescoverage.InfrastructureIn-LineShipping:AsiaPacific•Containerswere+5.3%inFeb-23:ShanghaiContainerizedFreightIndexIndustryViewdroppedby8.6%aftertheCNYholiday,ledbycorrectionsonbothUSandEuroperouts.Weexpectthespotcorrectiontocontinue,beforeweseeaMorganStanleydoesandseekstodobusinesswithrobustresumptioninChina'sexportdemand.companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof•Tankersw...
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