China Eastern Airlines Corporation Limited

SHSE:600115 Stock Report

Market Cap: CN¥79.1b

China Eastern Airlines Valuation

Is 600115 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 600115 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 600115 (CN¥3.98) is trading below our estimate of fair value (CN¥7.56)

Significantly Below Fair Value: 600115 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 600115?

Key metric: As 600115 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 600115. This is calculated by dividing 600115's market cap by their current revenue.
What is 600115's PS Ratio?
PS Ratio0.7x
SalesCN¥130.68b
Market CapCN¥79.07b

Price to Sales Ratio vs Peers

How does 600115's PS Ratio compare to its peers?

The above table shows the PS ratio for 600115 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.8x
600221 Hainan Airlines Holding
1.2xn/aCN¥77.0b
601021 Spring Airlines
2.9x13.3%CN¥56.7b
603885 Juneyao Airlines
1.4x12.0%CN¥30.4b
002928 China Express AirlinesLTD
1.7x21.3%CN¥10.8b
600115 China Eastern Airlines
0.7x6.3%CN¥79.1b

Price-To-Sales vs Peers: 600115 is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (1.8x).

Price to Sales Ratio vs Industry

How does 600115's PS Ratio compare vs other companies in the Asian Airlines Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
600115 0.7xIndustry Avg. 0.7xNo. of Companies6PS00.61.21.82.43+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 600115 is good value based on its Price-To-Sales Ratio (0.7x) compared to the Asian Airlines industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is 600115's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

600115 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: 600115 is good value based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 600115 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCN¥3.98
CN¥3.67
-7.7%
31.5%CN¥5.20CN¥1.65n/a10
Nov ’25CN¥3.84
CN¥3.61
-5.9%
32.5%CN¥5.20CN¥1.65n/a10
Oct ’25CN¥4.14
CN¥3.69
-10.8%
27.5%CN¥5.00CN¥1.65n/a10
Sep ’25CN¥3.79
CN¥3.92
+3.5%
21.1%CN¥5.00CN¥2.36n/a11
Aug ’25CN¥4.02
CN¥3.97
-1.3%
21.9%CN¥5.00CN¥2.36n/a11
Jul ’25CN¥4.04
CN¥3.98
-1.5%
21.5%CN¥5.00CN¥2.36n/a11
Jun ’25CN¥3.95
CN¥4.22
+6.9%
24.5%CN¥6.10CN¥2.36n/a11
May ’25CN¥3.84
CN¥4.24
+10.5%
24.3%CN¥6.10CN¥2.36n/a11
Apr ’25CN¥3.71
CN¥4.32
+16.5%
23.5%CN¥6.10CN¥2.36n/a11
Mar ’25CN¥3.75
CN¥4.68
+24.7%
22.3%CN¥6.15CN¥2.36n/a12
Feb ’25CN¥3.67
CN¥4.83
+31.6%
24.6%CN¥6.80CN¥2.36n/a12
Jan ’25CN¥3.88
CN¥4.93
+27.1%
23.3%CN¥6.80CN¥2.42n/a12
Dec ’24CN¥4.08
CN¥5.00
+22.6%
21.9%CN¥6.80CN¥2.42n/a12
Nov ’24CN¥4.29
CN¥5.14
+19.7%
22.3%CN¥6.80CN¥2.47CN¥3.8412
Oct ’24CN¥4.40
CN¥5.23
+18.9%
22.4%CN¥6.80CN¥2.47CN¥4.1411
Sep ’24CN¥4.36
CN¥5.23
+19.9%
22.4%CN¥6.80CN¥2.47CN¥3.7912
Aug ’24CN¥4.86
CN¥5.29
+8.8%
23.7%CN¥7.30CN¥2.47CN¥4.0212
Jul ’24CN¥4.76
CN¥5.48
+15.2%
22.7%CN¥7.30CN¥2.47CN¥4.0411
Jun ’24CN¥4.57
CN¥5.58
+22.2%
23.0%CN¥7.30CN¥2.47CN¥3.9511
May ’24CN¥5.18
CN¥5.71
+10.3%
22.4%CN¥7.30CN¥2.47CN¥3.8412
Apr ’24CN¥5.15
CN¥5.70
+10.7%
24.9%CN¥7.85CN¥2.47CN¥3.7112
Mar ’24CN¥5.47
CN¥5.60
+2.4%
25.7%CN¥7.85CN¥2.47CN¥3.7511
Feb ’24CN¥5.31
CN¥5.58
+5.1%
25.6%CN¥7.85CN¥2.47CN¥3.6711
Jan ’24CN¥5.53
CN¥5.22
-5.6%
27.8%CN¥7.85CN¥2.47CN¥3.8811
Dec ’23CN¥5.24
CN¥5.08
-3.1%
26.0%CN¥6.80CN¥2.12CN¥4.0812
Nov ’23CN¥5.01
CN¥5.13
+2.5%
23.6%CN¥6.80CN¥2.12CN¥4.2912

Analyst Forecast: Target price is lower than the current share price.

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