SYD v.s AIA

As a disclosure, I hold neither of these stocks. These are capital heavy stocks with poor ROE, so my preferred performance measure is not useful here (ROE). Unlike AIA, SYD has not raised any capital. AIA raised about 1.2 B, despite having the far better balance sheet. PE favors AIA, but earnings in general are going to be severely impaired for a period of time. SYD has been more generous in terms of yield, but I doubt they are going to be as generous for a while. Given that AIA raised capital, I would not think returning it to shareholders again in the near future is prudent capital management. AIA is heavily reliant on Australian and New Zealand passenger loads and this will be very favorable if the "Trans Tasman bubble" takes place. There are long terms risks here for all airline related corporations as a result of COVID 19, as have been elucidated so clearly recently by Mr Buffett.
Nevertheless, I think AIA is a BUY at these prices and SYD is an avoid.
I plan on taking up a small position in AIA in the near future.

	AIA v.s SYD	SYD	AIA
1	Market cap (respective currencies)	12.6 B	8.4 B
2	PE	31	13
3	DY	6.9	3.8
4	Book Value	-0.5 B	6 B
5	FCF prev FY	1 B	0.2 B