Beijing's Second Airport Will Most Likely Divert Traffic Away From BCIA, FVE Lowered to HKD 7.90
Narrow-moat Beijing Capital International Airport, or BCIA, generated 6% higher passenger traffic during the first half of 2018, ahead of our forecast. While solid passenger numbers coupled with robust nonaeronautical revenue led to a notable 15% climb in revenue, profitability has not improved as we once expected. However, BCIA's miss on our bottom line estimate for the first half is the least of our concerns for the company. Instead, we are worried that BCIA will suffer material traffic divers...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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