19 December 2025 | 1:02AM HKT Equity Research CHINA TRANSPORTATION 2026 Outlook: Staying positive on Airlines and Tankers; Turning bearish on Containers Our analysis points to 3 areas of mispricing/opportunities: 1) higher international demand for Airlines, while supply constraint remains, leading to Airlines reaching above-cycle ROEs of 22% in 2027. Although Japan-related risks are to be watched in 1H in particular – we remain positive on Airlines, 2) Supply resumption in Containership leads us to turn bea ...