瑞信－全球航空价值链供应链研究－20171024－CREDIT_SUISSE－Global_Aviation_Valu...

秋云飞

Table of contents
AirLinks: Co-ordinated approach to Global Aviation Value Chain coverage 3
AirLinks insight: Airlines positioned to achieve improved supplier terms 5
AirLinks Aviation Value Chain – Key Stock Calls 7
Economic profit distribution within the value chain – change in the air? 9
Another leg up in prospect – still airline upgrades left to play 16
Ripple effects: aviation supply chain trading with PEERS 17
How close are we to the peak of the airline earnings cycle? 26
Airline sector consolidation accelerating 31
Is the global airline sector now less cyclical? 38
Airline consolidation driving structural changes in value chain dynamics 43
Lean ambitions a clear focus across the value chain at 2Q17 43
Pervasive value chain M&A focused on competitiveness and efficiency 57
Appendix I – Earnings surprise strategy 62
Appendix II – What is Credit Suisse PEERs? 63
Appendix III – AirLinks toolbox 64
Appendix IV – HOLT maps the aviation value chain’s returns 65
Appendix V – HOLT supplier expectations snapshots 66