BCIA's FVE Raised to HKD 12.5 on Substantial Upside at Duty-Free Segment
We upgrade our fair value estimate for narrow-moat-rated Beijing Capital International Airport to HKD 12.50 per share (from HKD 8) after incorporating the substantial earnings boost from the new duty-free shop deal for Terminals 2 and 3. We estimate that 2017 net income will rise 34% year on year to CNY 2.4 billion (versus CNY 1.9 billion before), and the higher revenue share ratio should drive a five-year net earnings CAGR of 18% (versus 5% before). Our new fair value estimate implies a forward...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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