TacticScaleWhat China Eastern Airlines (中国东航) Does & How It Makes Money (600115.SS)
Updated October 2026 · reflects China Eastern Airlines's latest reported financials
Major Shanghai-based Chinese airline carrying passengers and cargo worldwide. Most of its revenue comes from selling airline tickets and charging to carry cargo, mail and baggage.
How China Eastern Airlines makes money
Most of its revenue comes from selling airline tickets and charging to carry cargo, mail and baggage. It earns extra income from aircraft maintenance and engineering, ticketing agency and e-commerce, aircraft leasing, tourism, hotels and merchandise sales.
What China Eastern Airlines does
China Eastern Airlines Corporation Limited is a large civil aviation group headquartered in Shanghai. Founded in 1957, it operates a fleet of 826 aircraft and carries passengers, cargo, mail and baggage within China and on international routes. It reports two segments: Aviation Operations and Other. Alongside its main flying business, the company provides aircraft maintenance and engineering, aircraft equipment manufacturing, aviation training, and aviation R&D. It also runs agency services for other airlines, ticketing and e-commerce, leasing and investment, tourism and hotels, value-added telecom services, and sales of aviation-themed merchandise. Its results mainly depend on air travel demand in and out of China.
Products & services
- Domestic and international passenger flights
- Air cargo and mail transportation
- Aircraft maintenance and engineering services
- Aviation training
- Ticketing agency and e-commerce
- Tourism and hotel services
中国东航是做什么的？
中国东方航空股份有限公司是总部位于上海的大型民航集团，成立于1957年，运营826架飞机，在国内及国际航线上提供旅客、货物、邮件和行李运输服务。公司分为航空运输业务和其他业务两个分部。 除核心航空运输外，公司还从事飞机维修与工程服务、航空器材制造、航空培训和航空技术研发，并经营代理其他航空公司业务、票务代理与电子商务、租赁与投资咨询、旅游酒店、增值电信服务以及航空纪念品销售等业务。公司业绩主要取决于中国国内及进出境的航空出行需求。
What is China Eastern Airlines worth?
On an owner-earnings DCF, China Eastern Airlines's most-likely value is about ¥3 versus a recent price near ¥3 (26% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥2) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 33.2× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
China Eastern Airlines trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 600115.SS | ¥3.28 | — |
| Hong Kong (H shares) | 0670.HK | HK$2.39 | — |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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