In Fresh Look at BCIA, Downgrading to No Moat, Raising Uncertainty to High, Maintaining HKD 4 FVE
After transferring coverage of Beijing Capital International Airport, we are downgrading our economic moat rating to none from narrow while maintaining a stable moat trend rating. We are keeping our fair value estimate at HKD 4 but raising our uncertainty rating to high and lowering our stewardship rating to Poor. We think the company’s shares are currently overvalued.In our view, despite the airport’s current monopolistic presence in the Chinese capital, tight regulations coupled with the open...
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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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.
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