Lowest leverage: of 4x in 1H17 (peers: 9x). The company’s assets grew at a more manageable pace, with an 11% CAGR in assets (peers: +20%) while its equity grew 19% from 2013-1H17 (peers: +22%). 。    Improved funding structure: While BoCA’s cost of funds has been steadily increasing, to 2.8% in 1H17 (2013-16: average 2.1%) from higher % in fixed debt (45% vs. 14% in FY13), higher % in unsecured funding to 73%, this should help BoCA in minimizing the revenue mismatch (60% fixed rate). The funding structure improvement has prompted S&P to upgrade BoCA’s notes under the MTM program to A- (from BBB+) in Jun’17. 。    Strong fundamentals: BoCA still has the highest RoA vs. peers at ann. 3.45% (peers: 1.05%), a consistent net lease yield of 8-8.5%, avg profit growth of 15% in the past three full years, a high fleet utilization rate (~100%) and a long committed lease term (8 years). Overall, we see little impairment, as its planes still carry a 13% fair value premium over BVs. 。

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