Beijing Capital Intl Airport 0694

Re: Beijing Capital Intl Airport 0694

Postby winston » Thu May 24, 2018 10:15 am

not vested

Beijing Capital International 北京首都國際機場 (694 HK)

In March, BCIA’s pax throughput grew 5.7% yoy, the strongest growth since Feb 17.

Both domestic and international traffic beat expectations, highlighting strong underlying demand.

The growth in aircraft movements lagged throughput growth, suggesting strong load factors.

Still, the growth in international traffic holds scope for better-than-expected duty free revenue and two new duty free operators commenced operation on February.

Similarly, the relatively firm on-time performance for the first three months holds scope for higher slot allocation, which in turn should boost revenue.

We maintain a BUY rating with a new target price of HK$14.10.

http://en.bcia.com.cn/

Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118541
Joined: Wed May 07, 2008 9:28 am

Re: Beijing Capital Intl Airport 0694

Postby winston » Tue Jun 19, 2018 10:21 am

vested

Jan 12, 2018

<Research Report>C Suisse: BEIJING AIRPORT Share Price Factored in Positives; Kept Neutral

Credit Suisse said that the offering price in relation to NWS HOLDINGS (00659.HK)'s share issue to BEIJING AIRPORT (00694.HK) has factored in the value of BEIJING AIRPORT.

The target price of BEIJING AIRPORT was set at $11.5 since the vast majority of positives have been factored in. The investment rating was maintained at Neutral.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118541
Joined: Wed May 07, 2008 9:28 am

Re: Beijing Capital Intl Airport 0694

Postby winston » Tue Jun 19, 2018 10:35 am

vested

The policy of recognising the refunds from the Civil Aviation Development Fund to three listed airports, including the Beijing Capital International Airport (the “Capital Airport”), as revenues will be abolished.

To ensure that the abolition proceeds in a stable manner, a half-year policy transitional
period commencing from 29 May 2018 has been put in place.

During the policy transitional period, refunds from the Civil Aviation Development Fund continue to be recognised by listed airports as revenues.

Upon the expiry of such policy transitional period, the policy of the Civil Aviation Development Fund to be implemented by the listed airports shall be the same as other airports.

The management of the Company expects that the adjustment of policy will, to a certain extent, have adverse impacts on the revenue of the Company in the future.

Based on the preliminary estimates of the Company regarding the expected passenger throughout of the Capital Airport, it is expected that the revenue of the Company for the year of 2018 will decrease by not more than RMB120,000,000.

http://www.hkexnews.hk/listedco/listcon ... 615325.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118541
Joined: Wed May 07, 2008 9:28 am

Re: Beijing Capital Intl Airport 0694

Postby winston » Tue Jun 19, 2018 12:36 pm

Beijing Capital International Airport (694 HK)

Cessation Of Airport Fee Refund In Nov 18 Will Lower 2019 Revenue And Net Profit By 11% And 30% Respectively

CAAC surprised by removing the rebates on airport fee for BCIA and two other airports.

We estimate that revenue would decline by Rmb1.3b as a result, and on an after-tax basis by Rmb1b.

We thus lower our fair value PE multiple to 16x 2019-20F average from 18x, and lower our fair value by 23% to HK$10.90.

Suggested entry price: HK$9.40-9.60. Downgrade to HOLD.

Source: UOBKH

https://research.uobkayhian.com/content ... 10fedafb26
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118541
Joined: Wed May 07, 2008 9:28 am

Previous

Return to A to B

Who is online

Users browsing this forum: No registered users and 6 guests

cron