Beijing Capital Int'l Airport's Disappointing Second-Half Results Least of Its Worries; FVE Intact
We are not as worried about no-moat Beijing Capital International Airport’s muted second-half results as we are about the opening of a second airport in the Chinese capital. Investors anxiously await to see what happens when Beijing Daxing International Airport starts its operations on Sept. 30. We reiterate our 1-star rating on Beijing Capital with a fair value estimate of HKD 4.During the second half of 2018, Beijing Capital International Airport recorded higher-than-expected non-aeronautica...
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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