20150623-DAIWA-中国飞机租赁（1848）：NEGATIVE_ON_MANAGEMENT_CHANGE，WAIT_FOR_RERATING_CATALYST-020104

China Aircraft Leasing Group（CALC）held a conference on 19 June to provide details on the alleged bribery investigation related to Mr. Mike Poon（CEO and Executive Director）and China Southern Airlines（1055 HK，HKD8.68，Hold [3]）.CALC also announced that Mr. Mike Poon resigned and would be replaced as CEO by Mr.Chen Shuang，the Chairman and a Nonexecutive Director.CFO Dr.TT Yu also resigned and was replaced by Mr.Barry Mok.We consider the resignation of the CEO to be a shortterm negative，while we are neutral on the change in CFO.