China Southern Airlines Company Limited (600029.SS)

China Southern Airlines Company Limited (600029.SS) — VMCI valuation read

Headline read on 600029.SS: VMCI of 50/100 versus a Industrials sector median of 50. The 0-point below-median position is what makes China Southern Airlines Company Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 600029.SS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 600029.SS: value (600029.SS trades at 25.0x earnings, 39% above the Industrials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of -1.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

600029.SS fell 0.8% over the trailing 7 days, with a -6.7% read on a 30-day basis.