Morningstar - Beijing Capital International Airport Co. Ltd. Class H (00694) Cutting Our FVE by 28% to HKD 10.80 as Government Revokes Grants to Beijing Capital Intl Airport

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Morningstar

Allen Cheng

Cutting Our FVE by 28% to HKD 10.80 as Government Revokes Grants to Beijing Capital Intl Airport

We are lowering our fair value estimate for Beijing Capital International Airport, or BCIA, by 28% to HKD 10.80 per share from HKD 15 in response to Chinaâ€™s Ministry of Financeâ€™s decision to revoke grants to the group, leading to a materially adverse impact to the firmâ€™s top-line growth. Beijing Airport is not being singled out, as the decision to revoke government grants applies to a total of three listed airport operators in China. Despite the expected revenue losses, we remain positive on the...

19/06/2018 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

Allen Cheng

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Cutting Our FVE by 28% to HKD 10.80 as Government Revokes Grants to Beijing Capital Intl Airport

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

Sasol Provides Full-Year Production Update

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