BCIA Moat Rating Upgraded to Narrow on Efficient Scale; FVE Increased to HKD 8.00 per Share
We assign Beijing Capital International Airport, or BCIA, a narrow moat rating (previously a no-moat rating) with stable trend. Despite the new airport opening in 2019, we still believe BCIA enjoys efficient scale that allows the company’s adjusted return on invested capital to improve to 11.3% by 2020 (from 7.8% in 2015), above company’s weighted average cost of capital of 8.6%. We increase our fair value estimate to HKD 8.00 per share (from HKD 7.70) to reflect the moat rating upgrade. Our new...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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