Morningstar - Beijing Capital International Airport Co. Ltd. Class H (00694) A Tale of Two Airports: BCIA to Face Major Traffic Diversion Over Next Few Years

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Morningstar

Ivan Su

EUR 100.00 For Business Accounts Only

A Tale of Two Airports: BCIA to Face Major Traffic Diversion Over Next Few Years

We are reducing our fair value estimate for Beijing Capital International Airport (BCIA) from HKD 7.90 to HKD 4.00 after the Civil Aviation Administration of China (CAAC) released more details on its plan to move portions of BCIAâ€™s air traffic to the new Beijing Daxing International Airport (BDIA). While the faster-than-expected traffic relocation makes headlines, we are more concerned with the official passenger throughput forecasts that came below our expectations. Coupled with operating delev...

22/01/2019 12 EN

Underlying

Beijing Capital International Airport Co. Ltd. Class H

Beijing Capital International Airport is engaged in the ownership, operation and management of aeronautical and non-aeronautical businesses at the international airport in Beijing, the People's Republic of China. Co.'s aeronautical business operations include aircraft landings and take-off services and passenger service facilities, ground support services and fire-fighting services for domestic and foreign airlines. Co.'s non-aeronautical business consists of the business franchising of: ground handling agent services; in-flight catering services; duty free and other retail shops in the terminals; restaurant and other food and beverage businesses, and leasing of advertising spaces.

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CNE100000221 Hong Kong Stock Exchange China

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Ivan Su

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A Tale of Two Airports: BCIA to Face Major Traffic Diversion Over Next Few Years

By reducing its risk exposure, BEIJING CAP INTN'L improves to Slightly Positive

Morningstar | Beijing Capital Int'l Airport's Disappointing Second-Half Results Least of Its Worries; FVE Intact

Beijing Capital Int'l Airport's Disappointing Second-Half Results Least of Its Worries; FVE Intact

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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