Olympic flight curbs add to woes at Beijing Airport
Stephanie Tong
Wednesday, July 30, 2008
Ten days before the Olympics, Beijing Capital International Airport (0694) issued a profit warning for its 2008 interim results on falling demand and rising costs.
BCIA, operator of Asia's second busiest airport, said net profit for the six months ended June 30, 2008 may fall significantly from 567 million yuan (HK$648 million) in the first half of 2007. "The significant decrease is due to the implementation of the restrictions on flight throughput of the company by the Civil Aviation Administration of China in 2008 first quarter," said company chairman Wang Jiadong.
First Shanghai Securities strategist Linus Yip Sheung-chi said: "We thought air traffic would increase because of the Beijing Olympics. The restriction shows that the mainland government places much concern on security." BCIA added that the slowdown of the global economy also weakened aviation transportation demand. Hit by high jet fuel prices, the company has cancelled flights or even postponed plans to increase certain airlines.
"The poor results is within my expectation. After all, its 2007 results showed very slow growth," said Yip.
Net profit of the airport operator rose a mere 3.4 percent to 1.13 billion yuan.
In 2008 fiscal, BCIA is expected to report similar profit growth as the company in January announced plans to spend 26.9 billion yuan to acquire terminal number 3 of the Beijing Capital Airport from its parent company.
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Beijing Capital Intl Airport 0694
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Beijing Capital Intl Airport 0694
by winston » Wed Jul 30, 2008 9:25 am
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Beijing Capital Intl Airport 0694
by winston » Wed Oct 15, 2008 12:12 pm
Not vested.
Beijing Capital Intl Airport says Singapore's GIC raises stake to 7.9 pct
BEIJING (XFN-ASIA) - Government of Singapore Investment Corp (GIC) has become Hong Kong-listed Beijing Capital International Airport Co's (HK 0694) second largest shareholder with a holding of 343 mln H-shares, or a 7.9 pct stake, BCIA's parent said.
Zhang Zhizhong, general manager of Capital Airports Holding Co, which holds 56.61 pct of BCIA, said in a statement that GIC subscribed for 250 mln H-shares in a placement in late May, with BCIA issuing 313 mln H-shares at 7.45 hkd each.
GIC continued to buy BCIA H-shares on the open market in recent months, Zhang added.
BCIA reported a first-half net profit of 56.32 mln yuan, down 90 pct year-on-year. Its H-shares opened at 6.00 hkd today.
Beijing Capital Intl Airport says Singapore's GIC raises stake to 7.9 pct
BEIJING (XFN-ASIA) - Government of Singapore Investment Corp (GIC) has become Hong Kong-listed Beijing Capital International Airport Co's (HK 0694) second largest shareholder with a holding of 343 mln H-shares, or a 7.9 pct stake, BCIA's parent said.
Zhang Zhizhong, general manager of Capital Airports Holding Co, which holds 56.61 pct of BCIA, said in a statement that GIC subscribed for 250 mln H-shares in a placement in late May, with BCIA issuing 313 mln H-shares at 7.45 hkd each.
GIC continued to buy BCIA H-shares on the open market in recent months, Zhang added.
BCIA reported a first-half net profit of 56.32 mln yuan, down 90 pct year-on-year. Its H-shares opened at 6.00 hkd today.
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Re: Beijing Capital Intl Airport 0694
by winston » Thu Oct 16, 2008 11:35 am
Beijing Capital Intl Airport to list A-shares next yr - report
BEIJING (XFN-ASIA) - Hong Kong-listed Beijing Capital International Airport Co Ltd is planning to list A-shares in Shanghai next year, followed by additional share sales in Hong Kong, the Beijing News reported.
The size of the Shanghai offer will surpass the originally planned 800 mln, the newspaper said, citing Zhang Zhizhong, general manager of Capital Airports Holding Co - Beijing Capital International Airport's parent.
The listed firm plans to acquire from its parent the new third terminal and runway of Beijing airport, which became fully operational in February.
The listed airport operator won shareholder approval in 2006 to issue A-shares to raise up to four bln yuan to fund the expansion of Beijing Airport. The IPO plan was later delayed after state auditors discovered irregularities in the operations of its parent.
Beijing is also planning to build a second commercial airport, which is expected to be operational by 2015. Sites in Beijing and neighboring areas in Tianjin and Hebei are currently being considered.
BEIJING (XFN-ASIA) - Hong Kong-listed Beijing Capital International Airport Co Ltd is planning to list A-shares in Shanghai next year, followed by additional share sales in Hong Kong, the Beijing News reported.
The size of the Shanghai offer will surpass the originally planned 800 mln, the newspaper said, citing Zhang Zhizhong, general manager of Capital Airports Holding Co - Beijing Capital International Airport's parent.
The listed firm plans to acquire from its parent the new third terminal and runway of Beijing airport, which became fully operational in February.
The listed airport operator won shareholder approval in 2006 to issue A-shares to raise up to four bln yuan to fund the expansion of Beijing Airport. The IPO plan was later delayed after state auditors discovered irregularities in the operations of its parent.
Beijing is also planning to build a second commercial airport, which is expected to be operational by 2015. Sites in Beijing and neighboring areas in Tianjin and Hebei are currently being considered.
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Re: Beijing Capital Intl Airport 0694
by winston » Mon Oct 27, 2008 4:39 pm
Beijing Airport Falls on Report Airlines Owe 800 Million Yuan
By Irene Shen
Oct. 27 (Bloomberg) -- Beijing Capital International Airport Co. fell the most in seven years in Hong Kong trading after the China Times said local airlines have delayed payments to the company totaling 800 million yuan ($117 million).
The operator of China's busiest airport fell as much as 17 percent to HK$3.32 and traded at HK$3.40 at 11:44 a.m. Secretary Shu Yong said he couldn't confirm the 800 million yuan figure in a phone interview today.
Chinese airlines owe the nation's airport operators more than 4 billion yuan as they defer payments amid losses and slumping travel demand, China Times, a Beijing-based newspaper said on Oct. 25, citing the China Civil Airports Association. Beijing Airport's first-half profit also plunged 90 percent on costs from a new terminal.
``It's true that airlines delay payments of airport fees,'' said Shu. ``This has been going on for a few years, but it hasn't gotten any worse lately.''
The overdue fees include landing and take-off charges and bills for other services.
Shu denied that the airport was relying on bank loans to survive as reported by China Times. Instead, he said the company hasn't borrowed any cash from banks. It may do so when it buys the new terminal from its parent, he added. This deal is pending government approval.
By Irene Shen
Oct. 27 (Bloomberg) -- Beijing Capital International Airport Co. fell the most in seven years in Hong Kong trading after the China Times said local airlines have delayed payments to the company totaling 800 million yuan ($117 million).
The operator of China's busiest airport fell as much as 17 percent to HK$3.32 and traded at HK$3.40 at 11:44 a.m. Secretary Shu Yong said he couldn't confirm the 800 million yuan figure in a phone interview today.
Chinese airlines owe the nation's airport operators more than 4 billion yuan as they defer payments amid losses and slumping travel demand, China Times, a Beijing-based newspaper said on Oct. 25, citing the China Civil Airports Association. Beijing Airport's first-half profit also plunged 90 percent on costs from a new terminal.
``It's true that airlines delay payments of airport fees,'' said Shu. ``This has been going on for a few years, but it hasn't gotten any worse lately.''
The overdue fees include landing and take-off charges and bills for other services.
Shu denied that the airport was relying on bank loans to survive as reported by China Times. Instead, he said the company hasn't borrowed any cash from banks. It may do so when it buys the new terminal from its parent, he added. This deal is pending government approval.
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Re: Beijing Capital Intl Airport 0694
by winston » Fri Mar 13, 2009 3:27 pm
DJ MARKET TALK: BCIA +11.1%; Citi Raises To Buy, Ups Target 20.1%
1341 [Dow Jones] STOCK CALL: Citigroup upgrades Beijing Capital International Airport (0694.HK) to Buy from Sell, raises target price to HK$3.80 from HK$3.15; notes stock penalized last year for sizable CNY27 billion capex, has lost 85% of market cap; adds, shares down to lowest level since SARS in 2003, are under-owned.
In view of 25%-30% traffic rebound year-to-date, 20% forecast for whole of 2009, estimates BCIA will return to black in 2009, with net profit of CNY520 million. Despite upgrades, notes "structural issues remain," could inhibit strong re-rating, one of which is Beijing-Shanghai Express Railway, which will shorten railway ride between the 2 cities to five hours. BCIA +11.1% at HK$3.10 midday.
1341 [Dow Jones] STOCK CALL: Citigroup upgrades Beijing Capital International Airport (0694.HK) to Buy from Sell, raises target price to HK$3.80 from HK$3.15; notes stock penalized last year for sizable CNY27 billion capex, has lost 85% of market cap; adds, shares down to lowest level since SARS in 2003, are under-owned.
In view of 25%-30% traffic rebound year-to-date, 20% forecast for whole of 2009, estimates BCIA will return to black in 2009, with net profit of CNY520 million. Despite upgrades, notes "structural issues remain," could inhibit strong re-rating, one of which is Beijing-Shanghai Express Railway, which will shorten railway ride between the 2 cities to five hours. BCIA +11.1% at HK$3.10 midday.
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Re: Beijing Capital Intl Airport 0694
by winston » Thu Dec 17, 2009 12:21 pm
Not vested. From Phillips:-
Risk
Economic situation get worse, airlines reduces the number of flights and air routes, the airport's operating income will be directly impacted. The economic crisis will also beat high-end customers` consuming capacity.
Second, other transportation methods such as high speed railway, highway will also divert some of its aviation passengers.
Unexpected incidents in the industry such as terrorism, flu etc.
Adjustment and Valuation
Concerns about the gradually stabilizing global economy and improving China aviation, in our view the air aviation of BCIA would restore stable growth with the end of low-base incentives. While in the future, the stubbornly high capital expenditure and probably returning to A share remains the negative factor and the catalyst for the Company's stock price respectively.
In total, we estimate in 2009 the growth rate of the Company's aircraft movements and passenger throughput will be 12% and 16%. According to changes, we revised our forecast on EBITDA per share in 2009 and 2010 to be HK$0.63 and HK$0.75 respectively.
Currently, the corresponding EBITDA per share for airports in Asia and Europe is 7 and 8 times each, China domestic airport companies` is 11. Our12-month target price of HK 6 is derived from 8 x 2009E EBITDA per share, “BUY†rating.
Risk
Economic situation get worse, airlines reduces the number of flights and air routes, the airport's operating income will be directly impacted. The economic crisis will also beat high-end customers` consuming capacity.
Second, other transportation methods such as high speed railway, highway will also divert some of its aviation passengers.
Unexpected incidents in the industry such as terrorism, flu etc.
Adjustment and Valuation
Concerns about the gradually stabilizing global economy and improving China aviation, in our view the air aviation of BCIA would restore stable growth with the end of low-base incentives. While in the future, the stubbornly high capital expenditure and probably returning to A share remains the negative factor and the catalyst for the Company's stock price respectively.
In total, we estimate in 2009 the growth rate of the Company's aircraft movements and passenger throughput will be 12% and 16%. According to changes, we revised our forecast on EBITDA per share in 2009 and 2010 to be HK$0.63 and HK$0.75 respectively.
Currently, the corresponding EBITDA per share for airports in Asia and Europe is 7 and 8 times each, China domestic airport companies` is 11. Our12-month target price of HK 6 is derived from 8 x 2009E EBITDA per share, “BUY†rating.
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Re: Beijing Capital Intl Airport 0694
by winston » Wed Aug 18, 2010 9:38 am
Not vested
=DJ UPDATE:Beijing Capital Airport 1H Net Profit Up 92% To CNY201M
By Joanne Chiu Of DOW JONES NEWSWIRES
HONG KONG (Dow Jones)--Beijing Capital International Airport Co. (0694.HK), which operates the airport in China's capital, said Tuesday its first-half net profit rose 92% from a year earlier and expects the strong growth in domestic air travel demand to continue in the second half, driven by surging economic growth.
The Hong Kong-listed company expects air traffic to continue to rise in the second half, with growth of international passenger throughput outperforming growth of domestic passenger throughput, it said in a statement.
Beijing Capital Airport is China's busiest airport in terms of passenger throughput. It overtook major airports such as Chicago's O'Hare and Paris' Charles de Gaulle last year to become the world's third busiest airport by passenger traffic, compared with eighth place in 2008.
As China's main international gateway, it handled 35.1 million passengers in the first half, up 13% from a year earlier. Cargo throughput reached 732,230 metric tons, representing a 11% increase compared with the same period a year earlier.
Because of the increased traffic, Beijing Airport's total aeronautical revenue, which includes passenger charges, aircraft movement fees and airport fees, rose 12% to CNY1.69 billion from CNY1.51 billion.
The company's total concession revenue, including retailing, advertising, restaurants and ground-handling services, rose 35% to CNY658.1 million from CNY486.9 million.
Net profit for the six months ended June 30 totaled CNY201.0 million, up from CNY104.5 million a year earlier. Revenue rose 19% to CNY2.74 billion from CNY2.31 billion.
Like last year, the company didn't recommend a first-half dividend.
Beijing Capital Airport is a unit of state-owned Capital Airports Holding Co., which has stakes in more than 30 airports in nine Chinese provinces, according to the parent company's website.
Source: Dow Jones Newswire
=DJ UPDATE:Beijing Capital Airport 1H Net Profit Up 92% To CNY201M
By Joanne Chiu Of DOW JONES NEWSWIRES
HONG KONG (Dow Jones)--Beijing Capital International Airport Co. (0694.HK), which operates the airport in China's capital, said Tuesday its first-half net profit rose 92% from a year earlier and expects the strong growth in domestic air travel demand to continue in the second half, driven by surging economic growth.
The Hong Kong-listed company expects air traffic to continue to rise in the second half, with growth of international passenger throughput outperforming growth of domestic passenger throughput, it said in a statement.
Beijing Capital Airport is China's busiest airport in terms of passenger throughput. It overtook major airports such as Chicago's O'Hare and Paris' Charles de Gaulle last year to become the world's third busiest airport by passenger traffic, compared with eighth place in 2008.
As China's main international gateway, it handled 35.1 million passengers in the first half, up 13% from a year earlier. Cargo throughput reached 732,230 metric tons, representing a 11% increase compared with the same period a year earlier.
Because of the increased traffic, Beijing Airport's total aeronautical revenue, which includes passenger charges, aircraft movement fees and airport fees, rose 12% to CNY1.69 billion from CNY1.51 billion.
The company's total concession revenue, including retailing, advertising, restaurants and ground-handling services, rose 35% to CNY658.1 million from CNY486.9 million.
Net profit for the six months ended June 30 totaled CNY201.0 million, up from CNY104.5 million a year earlier. Revenue rose 19% to CNY2.74 billion from CNY2.31 billion.
Like last year, the company didn't recommend a first-half dividend.
Beijing Capital Airport is a unit of state-owned Capital Airports Holding Co., which has stakes in more than 30 airports in nine Chinese provinces, according to the parent company's website.
Source: Dow Jones Newswire
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Re: Beijing Capital Intl Airport 0694
by winston » Thu Mar 03, 2011 2:20 pm
Not vested. From Phillips:-
Adjustment and Valuation
Concerns about the gradually stabilizing global economy and improving China aviation, in our view the air traffic of BCIA would restore stable growth.
We estimate in 2010 and 2011 the Company will realize net profit of RMB 526 million and 938 million respectively, related EBITDA at 0.65 and 0.79 per share.
Currently the EV/EBITDA for airports in Asia is 9.6 x and in Europe is 8.9 x, and in China, EV/EBITDA for domestic airports is at 7.7 x.
We give it at a relatively conservative level of 6 x EV/EBITDA. Based on the EBITDA per share in 2011 estimated, the 12-month target price is HK$ 5.6 and we recommend to “Buyâ€.
Adjustment and Valuation
Concerns about the gradually stabilizing global economy and improving China aviation, in our view the air traffic of BCIA would restore stable growth.
We estimate in 2010 and 2011 the Company will realize net profit of RMB 526 million and 938 million respectively, related EBITDA at 0.65 and 0.79 per share.
Currently the EV/EBITDA for airports in Asia is 9.6 x and in Europe is 8.9 x, and in China, EV/EBITDA for domestic airports is at 7.7 x.
We give it at a relatively conservative level of 6 x EV/EBITDA. Based on the EBITDA per share in 2011 estimated, the 12-month target price is HK$ 5.6 and we recommend to “Buyâ€.
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Re: Beijing Capital Intl Airport 0694
by winston » Thu Oct 11, 2012 11:18 am
not vested
BEIJING AIRPORT (00694.HK) initiated Outperform with TP$6.3 by Stanchart
BEIJING AIRPORT (00694.HK) is initiated with Outperform with target price $6.3, Standard Chartered said in a report.
Higher traffic, rising non-aviation revenue from higher spending of each passenger and possible revision to landing costs may become key growth drivers in long term.
In light of stable depreciation and operation costs, BEIJING AIRPORT's profit is expected to improve throughout 2016.
EBITDA margins are expected to exceed 60% during 2014-16.
Source: AAStocks Financial News
BEIJING AIRPORT (00694.HK) initiated Outperform with TP$6.3 by Stanchart
BEIJING AIRPORT (00694.HK) is initiated with Outperform with target price $6.3, Standard Chartered said in a report.
Higher traffic, rising non-aviation revenue from higher spending of each passenger and possible revision to landing costs may become key growth drivers in long term.
In light of stable depreciation and operation costs, BEIJING AIRPORT's profit is expected to improve throughout 2016.
EBITDA margins are expected to exceed 60% during 2014-16.
Source: AAStocks Financial News
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Re: Beijing Capital Intl Airport 0694
by winston » Thu Aug 18, 2016 10:39 am
not vested
Beijing Airport 首都國際機場 (694 HK)
BCIA is running the international airport in Beijing (Beijing Capital Airport).
The company is boosting international traffic in times of capacity saturation by diverting domestic capacity to nearby airports.
Post 2018, pax throughput growth is likely to be stronger as the opening of a fourth runway will boost slots and provide further earnings growth and improve returns on invested capital.
The strong cash flow, along with minimal impact on earnings from macro headwinds makes BCIA a safe-haven stock.
We maintain BUY rating with target price of HK$11.60.
Source: UOBKH
Beijing Airport 首都國際機場 (694 HK)
BCIA is running the international airport in Beijing (Beijing Capital Airport).
The company is boosting international traffic in times of capacity saturation by diverting domestic capacity to nearby airports.
Post 2018, pax throughput growth is likely to be stronger as the opening of a fourth runway will boost slots and provide further earnings growth and improve returns on invested capital.
The strong cash flow, along with minimal impact on earnings from macro headwinds makes BCIA a safe-haven stock.
We maintain BUY rating with target price of HK$11.60.
Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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