【英文】招银国际报告：China Airlines：Positive oil ＆ FX outlook

In 2018, due to high jet fuel prices and foreign exchange loss, net profit slightly increased  only 1.5% YoY to RMB 7,351mn, and ROE was 8.2%. The Company declared cash  dividend of RMB 1,500mn, representing a payout ratio of 20.4%. Because of positive jet  fuel and foreign exchange outlook, we for