BCIA Saw 40% Higher Earnings on Strong Nonaeronautical Growth in First Half; FVE Remains at HKD 12.5
Narrow-moat Beijing Capital International Airport, or BCIA, delivered a strong first-half result. The 40% year-on-year net income growth was higher than expected on robust concession segment performance, while the 9% year-on-year top-line growth modestly trailed our full-year estimate. Other operating highlights include effective cost controls and ongoing debt repayment. We maintain our fair value estimate of HKD 12.50 per share and consider shares fairly valued at the current market price.Ther...
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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