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