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Tui Comments On Jet Deliveries Could Be Airbus Positive

CAPITAL GOODS

Boeing (BA US) (Baa2 S, BBB- S, BBB- Pos); Tui mgmt on wires indicating MAX10 deliveries to be delayed “another 12-18 months”. Could be minor Airbus positive.


  • We wrote on Monday about Boeing delivery delays and that these could encompass around 50 of the best-selling narrow-body jets. Boeing is already subject to a regulatory production cap so its ability to ameliorate is very limited.
  • United CEO was clear on pessimism around Boeing "We’re at least going to build a plan that doesn’t have the Max 10 in it.” (CNBC 24th Jan).
  • Any shift in order flow towards Airbus (AIR FP) (A2, A; Stable) would be positive but likely a slow-burn impact as Boeing likely begins discounting and Airbus may struggle to step-change production levels of its A320 family.
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