BCIA Result In Line on Effective Cost Control; Raise FVE to HKD 7.70 on Better Medium-Term Cash Flow
No-moat Beijing Capital International Airport’s 10% year-on-year growth in interim net income was in line with our original estimate, but revenue increased by a lower-than-expected 2% year on year, owing to lackluster nonaviation revenue (mainly advertising and parking). Despite this, we believe BCIA is on track to meet our full-year earnings estimate, as the company’s cost-containment measures should be sufficient to offset the weak top line. We adjust our fair value estimate slightly to HKD 7....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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