BCIA Delivered Soft Fiscal 2016 Result; FVE Maintained at HKD 8 per Share
Narrow-moat-rated Beijing Capital International Airport, or BCIA, delivered a soft 2016 result with 8.5% year-on-year net income growth, modestly missing our expectation, while top-line year-on-year growth of 2.6% was as expected. Other than the one-off negative impact (mainly on rentals and certain tax items) from the value-added tax, or VAT, reforms, there are no major surprises in BCIA’s operating result for the year. For 2017, we anticipate BCIA’s net income and revenue to grow at 7.1% year ...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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