Analysis of the Impact of African Aviation Infrastructure Investment on the Performance of Hong Kong-listed Aviation Enterprises

On January 10, 2026, Ethiopian Airlines officially launched a

airport construction project located in Bishoftu, scheduled for completion in 2030. The project will build 4 runways, accommodate 270 aircraft, and have an annual passenger handling capacity of 110 million, which is more than 4 times the capacity of the existing airport[1][2]. As the largest aviation infrastructure project in African history, it will significantly enhance Africa’s status as an aviation hub.

Existing African Business Layout + Deepened EMEA Strategy

• Business Expansion:
  The company has signed a leasing agreement with Cairo Aviation to lease two brand-new A320neo aircraft, strengthening its Europe, Middle East, and Africa (EMEA) business layout[7]
• Financial Performance:
  2024 revenue reached HK$5.204 billion, representing a year-on-year increase of 9.2%; profit attributable to shareholders was HK$257.5 million, surging 809.9% year-on-year[4]
• Customer Distribution:
  Currently, Europe, Middle East, and Africa (EMEA) business accounts for 10.7% of total business, with overseas customers making up over 30%[4]
• Impact Assessment:
  ⭐⭐⭐⭐⭐ (Highly Beneficial)

Global MRO Network + Growing Maintenance Demand in Africa

• Global Layout:
  As a world-leading independent MRO service provider, it has an extensive global maintenance network[8]
• Financial Performance:
  In 2023, profit attributable to HAECO Group was HK$1.383 billion, with the engine business growing 26%[5]
• Impact Assessment:
  ⭐⭐⭐⭐ (Highly Beneficial)

Cargo Synergy + Route Expansion Opportunities

• Performance:
  2024 revenue reached HK$104.371 billion, representing a year-on-year increase of 10.5%; net profit was HK$9.888 billion[3][6]
• African Business:
  Passenger capacity in the South Asia, Middle East, and Africa region saw a substantial year-on-year increase
• Impact Assessment:
  ⭐⭐⭐ (Above-Moderate)

Target	Recommendation Rating	Core Logic	Risk Warning
CALC (01848)	Top Pick	Existing African Business Layout + High Growth + Low Valuation	Asset Quality, Interest Rate Sensitivity
HAECO (00068)	Stable	Global MRO Leader + Defensive Industry	Tight Supply of Technical Labor
Cathay Pacific (00293)	Accumulate on Dips	Hong Kong Hub Status + Cost Improvement	Yield Decline Pressure

1. Ethiopia’s New Airport Construction Project
   will reshape the African aviation industry landscape and bring significant business opportunities for Hong Kong-listed aviation enterprises
2. Aircraft Leasing Enterprises
   will be the most direct beneficiaries (fleet expansion directly drives leasing demand)
3. Aviation Maintenance Enterprises
   will benefit indirectly (the increase in the number of aircraft boosts maintenance demand)
4. Long Investment Window
   (2026-2030), medium-to-long-term investment allocation is recommended
5. Risk Factors:
   Project execution risks, geopolitical risks, exchange rate risks, etc.

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[1] Reuters - “Ethiopia begins $12.5 billion construction of Africa’s biggest airport” (https://www.reuters.com/world/africa/ethiopia-begins-125-billion-construction-africas-biggest-airport-2026-01-10/)

[2] Sina Finance - “Ethiopia Launches $12.5 Billion Construction Project for ‘Africa’s Largest Airport’” (https://finance.sina.com.cn/stock/usstock/c/2026-01-10/doc-inhfvnnr8821838.shtml)

[3] Cathay Pacific 2024 Annual Report (https://www.cathaypacific.com/content/dam/cx/about-us/investor-relations/interim-annual-reports/zh/2024_cx_annual_report_zh.pdf)

[4] CALC 2024 Annual Report (https://www.calc.com.hk/Product_Photo/files/financial-report/2024/zn_Annual_Report_2024.pdf)

[5] Swire Group 2023 Annual Report (https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0408/2024040801025_c.pdf)

[6] Securities Times Network - “Latest Ratings from Major Banks! HK$100 Billion New Investment Layout, Cathay Pacific Enters a New Opportunity Period” (https://stcn.com/article/detail/1582414.html)

[7] CALC Official Website (https://www.calc.aero/?route=press_detail&id=395&lang=3)

[8] HAECO Group Official Website (https://www.haeco.com/tc)