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Company: Date Established: Area of Business: Korean Air March 1, 1969 Passenger, Cargo, Aerospace, Catering, Hotel, In-Flight Sales, Limousine 129 (As of September 30, 2010) Domestic: 13 Cities 105 Cities 19,178 9,393,700,000,000 Won Passengers: 20.41 Million Million Tons Cargo: 1.57 Intl: 38 Countries,
SNU MBA Analyst Recommendation
Employees: Operating Revenue: Operating Result:
Based on the current growth rate, we expect the FY10 revenue to rise by 15% and the operating costs to rise 8%. The net profit forecast will increase to KRW328 bill gain from a KRW393 bill loss the previous year. The reasons for these gains are: ➢ Demand for passenger seats will rise 9% compared to the previous year. This is based on the GDP growths of each country according to their share of KAL revenue. The KRW will continue to gain value vs. the USD With KAL’s focus on increasing and improving their international business class (estimated 48% of total revenue) we expect the profit margin and revenues to gain. The new development of a cargo hub based in China nearing completion will increase productivity and utilization of KAL’s fleet and increase its freight capacity kilometers. The continuing growth of semiconductors, electronics, and automotive parts exports should drive the outbound cargo loads. Good foresight and financial management by properly hedging fuel prices should contain the rising operating costs.
There are several risk factors that could lead to a decline in the current growth rate of KAL: ➢ ➢ ➢ ➢ ➢ A relapse into an economic slowdown Catastrophic weather and natural disasters such as the Icelandic volcanic eruption Pandemic disease limiting the travel rate such as the swine flu Oil and fuel costs becoming instable due to turmoil in the middle east Rising tension of North and South Korea from regime change
Analyst Team: Hae Ryun Kim, Eun Young Yang, Suh Joon Yoo, Robert Lee
Korean Air (KAL:003490) 2010 Analyst Report
➢ A decline in productivity of Korean companies
Corporate Overview Korean Air was first established on June 19, 1962 under the name, National Korean Airlines, by the Korean government and was then privatized on March 1, 1969, by Hanjin Group, one of the world’s largest transportation companies. Since its incorporation on March 1, 1969, the company’s shares have been offered for public ownership and all issued and outstanding shares are listed on the Korea Stock Exchange.
Korean Air started as a small regional airline, but currently the company offers air transportation to 117 cities in 39 countries with fleet of 129 aircrafts (as of July 31, 2010), being recognized as a global carrier with top ratings by travelers and critics throughout the world. It engages in the various domestic and international airline services with its main business residing in Air Transportation (Passenger, Cargo shipping, Maintenance service, Training service, Building lease) which generates approximately 96% of the total revenue. Its other business areas (Aerospace, Catering & In-Flight Sales, and Hotel & Limousine) accounts for the remaining 4%.
Market Overview Korean Air comprised of about 63% of the total Korean Airline market in 2009 with operating revenues consisting of KRW 9,393.7 billion and operating income consisting of KRW 133.4 billion. This was still an 8% decrease in its revenue, but an increase of 1.6% gross profit to KRW 1,413.7 billion as it reduced its flight expenses. This resulted in a better performance when compared to most other international airlines during this timeframe.
Competitive Landscape The Korean airline industry consists of approximately 5 million commercial passenger airlines. The major regional competitor is Asiana Airlines which controlled approximately 33% market share in 2009. In the international market, some of the main competitors are Cathay Pacific, Delta, and Air China. The Korean airline market is an oligopoly of competition between two major airlines, Korean Air and Asiana Airlines, but we cannot disregard the international airlines, which impacts on the total share of Korean passenger revenues. In addition, it is highly sensitive to the economic conditions, which has significant
Analyst Team: Hae Ryun Kim, Eun Young Yang, Suh Joon Yoo, Robert Lee
000 Won on Oct. Financial Trends Korean Air (KAL) was valued at 78. Analyst Team: Hae Ryun Kim. both cargo and passenger divisions have seen positive revenue streams. This trend. we should be able to see a turnaround and recovery from the previous two years which were impacted by the economic downturns. the total fuel expenses decreased as the average price per barrel stabilized. Associated with the general economic downturns are the volatile fuel prices and the currency transaction and translation which the airline industry is highly exposed to. Sub-Industry Outlook The airline sub-industry appears to have a positive outlook. This trend is expected to continue as the economic conditions improve their way forward. Eun Young Yang. The economic stimulus has led to a recovery in cargo demand and an increase in the number of travelers. Traffic statistics at many carriers shows improving demand and increases in revenues for the first half of 2010. along with the settlement of oil price zero-cost collar option contracts. is expected to ease cash usage throughout the group and positively influence operating profit for fiscal 2010. since fiscal 2009. 1. In fiscal 2008. In addition. with the passenger demand for travel increasing (whether it be for business or personal purposes). Despite the increase in fuel costs revenues. Suh Joon Yoo. 2010 which was an increase from the previous year.Korean Air (KAL:003490) 2010 Analyst Report Financial effects on the demand of two operation mainstreams: airline passenger demand and international cargo transportation. We can attribute this gain to the global economic recovery and the growing strength of the KRW to the USD. Robert Lee . this lead to negative performance along with higher COGS and operating profit fluctuations despite the operating revenue increases of 14% over the 2007 fiscal year-end. However.
In order to face this new trend and these rising challenges. The current efficiency of the management team is also added benefit. the operating profits indicated a positive trend due to reduced risks for the weaker KRW and fuel price fluctuations. To mitigate ongoing risk factors. a low-cost carrier which mainly flies short-term routes and targets younger generations. For FY 2009. Robert Lee . Suh Joon Yoo. China.821M). Analyst Team: Hae Ryun Kim. Considering sufficient cash flows (interest coverage ratio of 3. Korean Air has entered into oil price zero-cost collar option contracts. In order to capitalize on the fast growing Chinese market for reliable cargo services. especially in the long-term flight routes. The overall size of domestic and international passengers had been an increasing trend for the last three years. targeting a larger international customer base. Europe & Asia Pacific regions. Net profit also increasingly turned into a positive margin to $206 million from overall gains on foreign currency exchange. potential risks do exist in this area. put-options in short positions and oil price swap contracts that are based on West Texas Intermediate.01x as of 03/31/10) and reserved assets & net worth ($14. more practical and low cost carriers have created a new segment in the airline industry. and point-to-point services. the subject borrower’s market position is considered to be superior to other competitors.Korean Air (KAL:003490) 2010 Analyst Report Financial Risk Analysis Same-line industry competition Korean Air continues to develop new routes in South America. leading to fiercer and wider competition among the airlines. which consist of call-options in long positions. the soaring fuel price and loss on foreign currency transaction had imposed a great challenge for the subject airline. Korean Air now manages Jin Air. the company has continuously opened new routes and destinations within the Greater China area. In order to hedge the exposure to changes in oil prices as it affects aircraft fuel. along with the increasing travel rate of younger generations. significantly reducing the year-end operating profits into negative margins. as a joint venture with Sinotrans Air Transportation Development to have a cargo hub to meet regional demands. Eun Young Yang. These changes and upgrades will be performed on an annual basis. Korean Air now attempts to develop new selective destination/route(s) in high-potential market areas and to provide premium service. High exposure to jet fuel costs & foreign exchange rate Despite the positive turnaround in the economy and thus in fuel price and exchange rate.855M & $2. With such diversified transportation services and increasing passenger levels. Growing Low-Cost airline market With increasing consumer demand in domestic and Asia Pacific routes. For FY 2008. the above risk factor can be mitigated. 2010 1Q exhibited a higher profitable operation with a 42% increase in total operating profit (2009’s $114 million to 2010’s $195 million). seating upgrades. Korean Air has also established a cargo terminal at the Tianjin Binhai International Airport.
which they strive for through delivering its mission of ‘Excellence in Flight’ in the areas of operations. Analyst Team: Hae Ryun Kim. Korean Air prepares well and mitigates through them by leveraging its core strengths and advantages which then generates positive output and growth. and a ranking in the Global Top 10 airlines by year 2019. Robert Lee . Korean Air visions itself as a ‘Respected Leader in the World Airline Community’. services. Eun Young Yang. As shown through the successful breakthrough in 2009. Suh Joon Yoo.Korean Air (KAL:003490) 2010 Analyst Report Financial Despite the various challenges it faces. Customer Focused Service. and Innovation.5 trillion. Expansion of Business Sectors. This will be accomplished through its competitive advantages: Strengthened Core Competencies. an operating profit of KRW 2. Korean Air has now set a 10 year strategy which states its goal as achieving a revenue of KRW 25 trillion. and Advancement in Management System.
except for certain assets which were revalued and are stated at revalued amount less accumulated depreciation. if lower.Korean Air (KAL:003490) 2010 Analyst Report Financial Accounting Analysis Key Accounting Policies The Company maintains its official accounting records in Korean won and prepares statutory financial statements in the Korean language in conformity with accounting principles generally accepted in the Republic of Korea (Korean GAAP). Eun Young Yang. Maintenance and repairs are expensed in the year in which they are incurred. In calculating the present value of the minimum lease payments. Suh Joon Yoo. Expenditures which enhance the value or extend the useful life of the related assets are capitalized. aircraft and equipment. Robert Lee . the present value of the minimum lease payments at the inception of the lease. plant and equipment is provided using the straightline method over the estimated useful life of the assets Property. and related depreciation Disclosure per 2009 Annual Report “Depreciation of property. Account Property. are charged to current operations as they become payable. aircraft and equipment are stated at cost less accumulated depreciation. Leased assets are Analyst Team: Hae Ryun Kim. any residual value guarantee is excluded and the interest rate implicit in the lease is used as the discount rate. which are expensed on a straight-line basis over the lease term. The Company recognizes a capital lease as an asset and a liability in the statement of financial position at an amount equal to the fair value of the leased asset or.” Estimated useful life in years: Buildings Aircraft and engine Leased aircraft and engine Other aircraft parts Vehicles Others 40 20 20 15 6 6-15 Leases “The Company accounts for leases that transfer substantially all the risks and rewards incidental to ownership of assets as capital leases and leases other than capital leases as operating leases. The Company accounts for leases that transfer substantially all the risks and rewards incidental to ownership of Rental expenses for operating leases.
0% Korean Air Asiana Delta Cathay Pacific 33 9 677 48 127 74 983 126 Analyst Team: Hae Ryun Kim.3% 58.” Number of Aircraft Operatin g lease 27 43 213 29 Capital Lease 67 22 93 49 Own Total Operating Lease / Total fleet 21. Robert Lee .Korean Air (KAL:003490) 2010 Analyst Report Financial depreciated in the same manner as other assets through purchases. The finance charges are allocated to each period by the effective interest rate method and recognized as an interest expense.7% 23. Minimum lease payments are apportioned between the finance charges and the reduction of the lease liability.1% 21. Eun Young Yang. Suh Joon Yoo.
681.000 46.26% 205. YE 1999 PP&E Total Assets PP&E / TA Depreciation Total OPEX Depreciation/OPEX Korean Air 11.327 8.986 9.272 69.500 57.972 42.49% of Operating Expenses. 31. Korean Air’s Net Property Plant and Equipment’s balance was 11.46% 852.100 10. Analyst Team: Hae Ryun Kim.457.123. there are pending litigations against Korean Air. In 2009. Compared to 2008 Korean Air’s Total Assets increased about 6% and most of this increase was primarily attributed to a 44% increase in Cash and an increase in PP&E.557 5.433 4. The Depreciation Expense for the year was 758.98% Delta 23.770.814.231 Mill KRW and this amount is 8. 2009 with companies such as Boeing.659 16.848 9.659 Mill KRW.15% Off-balance sheet Liability As of FYE 2009. The amount of these purchase contracts is about 10. It has been accused of price-fixing its cargo services and they are being investigated by the US Department of Justice.9% 3. Suh Joon Yoo. This amount is about 69% of the Company’s total assets.930 9. The table below shows that this percentage is reasonable to other airlines in the industry. Eun Young Yang. the various methods and estimates used in calculating depreciation amounts can vary among the firms in the industry.600 Mill KRW.04% 785.061.919.260.3% Cathay Pacific 9. 33. Robert Lee .003. as operating expenses have an impact on Net Income.402.031.662.Korean Air (KAL:003490) 2010 Analyst Report Financial Key Accounts and Financial Statement Analysis Property Plant and Equipment and related depreciation (PP&E) PP&E is an important asset account for airlines as it accounts for a large part of their assets and consequently their related depreciation expense item accounts within their operating expenses.370. Korean Air has also entered into aircraft purchase contracts as of Dec.750 17. Furthermore.49% Asiana 2.775. In addition.907 4. lawsuits have been filed against Korean Air regarding collusion.323.800 50.681.
Korean Air (KAL:003490) 2010 Analyst Report Financial Analyst Team: Hae Ryun Kim. Eun Young Yang. Robert Lee . Suh Joon Yoo.
2009’s Passenger revenue was 5. strong revenue levels need to exist in order to meet the high-levels of obligations.688 1.376 2008 10.7% of operating expenses.368 1.100 40.948 Mill KRW and the Cargo revenue was 2.212. which took up about 40. Despite the Operating Loss in 2008.015 1. Additionally. Per review of Korean Air’s income statement expenses.195.7% 2008 10.393.210 1. the higher expenses of 2008 are attributable to Jet Fuel costs of 4. Korean Won Millions Revenue Total Expenses Operating income (loss) Jet Fuel % Jet Fuel / Total 2009 9.599 Mill KRW while 2008’s was 5. COGS and Operating Expenses have been fairly consistent over the past 2 years.38% 13.62% 14.507 (99. Korean Air has bounced back in 2009 and has had a good handle on cost control.328 Mill KRW and 3.026.297) Ratios % of COGS % of Gross Profit % of Operating Expenses 2009 85.704.703 9.837 2.391.297) 4.195 Mill KRW.578 10.490.312 133.980.413.260. Suh Joon Yoo.989 8.7% 2007 8. Robert Lee . lower 2009 revenues are due to lower Passenger and Cargo revenue which have been attributed to the H1N1 virus and the global economic crisis.393.578 8.Korean Air (KAL:003490) 2010 Analyst Report Financial Revenue In the airline industry. Korean Won Millions Revenue COGS Gross Profit Operating Expenses Operating Income 2009 9.9% Analyst Team: Hae Ryun Kim.95% 15% 13.327 133.280.59% Per analysis of Korean Air’s revenue through ratios.469.700 31.152 636. Eun Young Yang.849 Mill KRW respectively.212.376 2.875 (99.311.175.821.811.63% 2008 86.703 7.953.606.938.4 31.
704. Robert Lee .948 2.462.212.703 58.393.29% 2009 5.849 1.401 10.232.16% Analyst Team: Hae Ryun Kim.226.953. Eun Young Yang.Korean Air (KAL:003490) 2010 Analyst Report Expenses Financial Revenue Passenger Cargo Others-revenues Total Revenue % of Passenger Rev 2008 5.156 9.678 58.328 3. Suh Joon Yoo.599 1.026.
37% due to the airline industry slowdown associated with unfavorable economic conditions.69%) and remained more profitable than its domestic competitor. in deploying its operating assets to generate greater operating profit. was slightly lower than Asiana’s (0. asset turnover and financial leverage. which are net profit margin. was mainly caused from its premium pricing strategy as a leading company.Korean Air (KAL:003490) 2010 Analyst Report Financial Ratio Analysis In fiscal year 2009.22%). efficient procurement in a duopoly market. This ROE can be decomposed to three drivers.37% 0.09% -0.62% 7245. which signifies the economic effect of borrowing. Korean Airline’s operating asset turnover.75).12% 0.62 0.68 -0.04% Analyst Team: Hae Ryun Kim. NOAT. which shows how much it is able to keep as profit from recognized sales. Korean Airlines recorded an ROE of -3.48% Delta -0.69% 1.67%).98%) because the return on operating assets (0.22% -4. Asiana Airlines (-3. which shows how efficient to use its operating assets to generate sales (0.98% Asiana Airlines -35.75 -3. 2009 RNOA NOPM NOAT NOPMxNOAT Korean Air 0.22% 579.05% -3.69%) was lower than the cost of borrowing (1.62% Its spread. Eun Young Yang. Robert Lee .70% -0.90% 0. However.28% Delta -221. Suh Joon Yoo.69% 415.22% Cathay Pacific 6.50% Cathay Pacific 11. Korean Airlines maintained its positive RNOA (0. 2009 ROE RNOA FLEV SPREAD Korean Air -3.62% -0. Its higher NOPM (1. Korean Air performed better than their competitors with a higher ROE than companies such as Asiana with a reported -35.50%).5%.62).48% 6.48% 64.12% -5.80% 8.27% 0.69% Asiana -3. Asiana airlines’ significantly negative ROE(-35.76% -3.03 6.85% 6.12%). was negative (-0. and excellent cost management of its own maintenance subsidiary.05%) is magnified by the high extent of financial leverage(579%) relative to its equity base and negative spread (-5.32% 1.
14% 3.25% 0.21% 2009 -3.92 -18.61% 2007 0.12% 1. its spread turned negative due to the economic recession. But ROE is expected to turn positive (14.98% 2010E 16.69% 4.69% 4.12% 2012E 15.16 -0. ROE RNOA FLEV SPREAD 2006 8.97 2.30 3.40% 3.15% 2008 -53.99 -0.34% 4.Korean Air (KAL:003490) 2010 Analyst Report Financial As Korean Airlines increased its liabilities to maximize its equity based return in 2007. Suh Joon Yoo.83 3.37% 0.33% 4.26% 3.67% and debt increased. Robert Lee .67% -0.69~16.50% 2. Eun Young Yang.86 3. and operating profit marked its worst performance as ROE indicated -53.55% 2.56% 1.19% 2011E 14.34%) from 2010 because of its aggressive strategy of purchasing new air fleets and developing more international routes during this economic recovery.78% Analyst Team: Hae Ryun Kim.
551.00 2.07% 140.05% ₩ 749.00 7.68% ₩ 673.07% 107.00 7.245.647.00 13.68% ₩ 633.00 13.00 13.080.771.674.00 2011 2.Korean Air (KAL:003490) 2010 Analyst Report Financial Valuation Discounted Cash Flow Valuation Method Cost of Equity = Net Income = 7.00 2014 2.00 7.940.00 13.883.597.00 Present Value of Terminal Equity Value = ₩ Analyst Team: Hae Ryun Kim.74% ₩ 537.07% ₩ 592.223.477.05% ₩ 734.00 ₩ 719.07% 114.568.331.05% ₩ 780.68% ₩ 660.68% ₩ 646. Eun Young Yang.07% 131.64% ₩ 564. Suh Joon Yoo.05% ₩ 764. Robert Lee .05% 13.640.07% 122.00 2012 2.07% ₩ 752.71% ₩ 488.00 7.948.68% ₩ 687.42% ₩ 512.00 Equity Reinvestment Rate FCFE Cost of Equity Cumulative Cost of Equity Present Value Present Value of FCFEs in high growth phase = ₩ 4.00 2013 2.407.00 13.941.00 7.856.211.68% Net Income without interest income from cash= Growth rate in Net Income = Equity Reinvestment Rate for high growth phase= The dividends for the high growth phase are shown below (upto 5 years) 2010 Expected Growth Rate Net Income 2.05% ₩ 796.
Robert Lee .00 Financial Value of equity in operating assets = ₩ 5. To reflect this perspective.00 Value of equity in firm = ₩ 5. cash flows. Analyst Team: Hae Ryun Kim.400.00 Value of Cash and Marketable Securities = ₩ 890. based primarily on data collected from July 01.054. and market values We have assumed a 3. Due the instability of the economy during this recovery period. 2009 to June 30.19 as listed by the Korea Exchange as of June30.00 Value per share = ₩ 87.454.Korean Air (KAL:003490) 2010 Analyst Report 783.112. 2010. still provided a favorable estimate. there were some challenges in formulating an accurate model of growth with the amount of fluctuations in data. below are some further trend reports. The basis for the valuation was based on historical data utilizing incomes.651.07 *Notes. Eun Young Yang. Although this discounted cash flow model. 2010.919.5% risk free rate and have use the Beta value 1. asset fluctuations.029. we believe that the growth for Korean Air has an even higher potential with the strategic approach they are endeavoring to execute. Suh Joon Yoo. Accounted for the losses in historical FX translations as an anomaly for future projections.
We believe that the fluctuations in the market value and earnings are non-volatile in nature especially when compared to the industry and the economy so we can have assurance that the growth is substantiated by Korean Air’s strategy and management. Suh Joon Yoo. In summary.Korean Air (KAL:003490) 2010 Analyst Report Financial Forecasting and Recommendations We recommend that Korean Airlines is a good company for investment and long term growth. Korean Airlines aggressive strategic growth plans should move them into a position to acquire even more market share both in passenger and cargo sectors. we believe Korean Airlines as a company has had strong performance especially when compared to their main competitors like Asiana Airlines. The less predictable market for cargo services may be an issue and may be affected by the ongoing filing against them for collusion and price-fixing. the Korean manufacturing and export industry. Eun Young Yang. but we believe that they will be able to bring stability because of their strong market share and plans for expansion in China. We expect that the demand for passenger travel will exceed prior expectations allowing Korean Air for more growth with the release of their newly purchased planes. and fuel prices. The criteria for our recommendation are based on the earnings forecasts vs. Korean Airlines has hit record EBIT values in the first quarter of 2010 and continued with a strong second quarter. the potential risks. Although we do see the growth rate normalizing slightly. the continuity of Korean Airline’s growth and expansion execution. Robert Lee . The risks to our valuations are mainly due to the Korean economy and the value of the Won. Analyst Team: Hae Ryun Kim. These factors may impact their stock market value and share price in the short term. Investors should also make note of the upcoming requirement to change to the IFRS accounting principles which could affect the way Korean air accounts for their assets drastically changing the values of their ROA and other ratios. we believe that it will remain strong. The key factors investor should keep an eye on the status of the economic recovery. We find no reason to believe that this trend will not continue for the next several years.
Korean Air (KAL:003490) 2010 Analyst Report Financial Analyst Team: Hae Ryun Kim. Eun Young Yang. Robert Lee . Suh Joon Yoo.
Suh Joon Yoo. Robert Lee .Korean Air (KAL:003490) 2010 Analyst Report Financial Appendix Operating Results Operating Results (based on 2009 IATA standards Operating Revenues Employees (Total 19.178) Analyst Team: Hae Ryun Kim. Eun Young Yang.
Robert Lee .Korean Air (KAL:003490) 2010 Analyst Report Financial Financial Statements Analyst Team: Hae Ryun Kim. Suh Joon Yoo. Eun Young Yang.
Robert Lee .Korean Air (KAL:003490) 2010 Analyst Report Financial Analyst Team: Hae Ryun Kim. Suh Joon Yoo. Eun Young Yang.
Eun Young Yang.Korean Air (KAL:003490) 2010 Analyst Report Financial Analyst Team: Hae Ryun Kim. Suh Joon Yoo. Robert Lee .
Eun Young Yang. Suh Joon Yoo.Korean Air (KAL:003490) 2010 Analyst Report Financial Analyst Team: Hae Ryun Kim. Robert Lee .
Suh Joon Yoo. Eun Young Yang.Korean Air (KAL:003490) 2010 Analyst Report Financial Analyst Team: Hae Ryun Kim. Robert Lee .
KTX) and buses 2) Convenience and easy access compared to flight transportation Bargaining Power of Buyers Elasticity of air travel: Casual travelers elastic to economic conditions whereas business travelers are more inelastic • High consumer demand in quality: excellence in service. switching buyer demand: Low fare carriers Analyst Team: Hae Ryun Kim. promptness. reshaping the airline industry as result of more options for buyers • Robert Lee .Korean Air (KAL:003490) 2010 Analyst Report Financial Exhibit 1 Korean Airline Industry Analysis: Porter’s Five Forces Bargaining Power of Suppliers • • • Fuel & Oil Prices: Single largest airline cost expenditure item Boeing & Airbus: low bargaining power as airliners are mostly dominated by Boeing and Airbus Others: labor. travel agents Threat of New Entrants • Rivalry Among Existing Firms Threat of Substitute Products • Low fare/cost carriers: 1) High cost of entry in airline industry had reduced the threat of entry by competitive companies in the past. raw materials. business model offered by low fare carriers exploited lower segment of the market via market price and provided a foundation for entry of low cost carriers such as Jin Air and Jeju Air 2) No-frill International fliers: 1) With increasing demand • Oligopoly: Two dominant players within Korean market (Korean Air & Asiana Airlines) Industry Potential: Continuously growing market due to increasing demand in personal and business travelers resulting from economic developments Cost Leadership & Differentiation: 1) Turnover management and low fare based on seasonality. expansion of routes) of onground transportation such as train (i. and comfort important especially in long distance routes • Flexible. however.e. Eun Youngdiscounted fares who offer no frill flights in return for Yang. routes 2) Investment in • • • • Customer price sensitivity: Growing demand for low fare/cost carriers especially within domestic routes On-ground transportation: 1) Improving technology (i. convenience.e. Suh Joon Yoo.
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