reports
By reducing its risk exposure, BEIJING CAP INTN'L improves to Slightly...
BEIJING CAP INTN'L (HK), a company active in Transportation Services, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 1 out of 4 stars; conversely, its market risk is now considered lower and can be described as defensive. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. As ...
- Ivan Su
Morningstar | Beijing Capital Int'l Airport's Disappointing Second-Hal...
We are not as worried about no-moat Beijing Capital International Airport’s muted second-half results as we are about the opening of a second airport in the Chinese capital. Investors anxiously await to see what happens when Beijing Daxing International Airport starts its operations on Sept. 30. We reiterate our 1-star rating on Beijing Capital with a fair value estimate of HKD 4. During the second half of 2018, Beijing Capital International Airport recorded higher-than-expected non-aeronauti...
- Ivan Su
Beijing Capital Int'l Airport's Disappointing Second-Half Results Leas...
We are not as worried about no-moat Beijing Capital International Airport’s muted second-half results as we are about the opening of a second airport in the Chinese capital. Investors anxiously await to see what happens when Beijing Daxing International Airport starts its operations on Sept. 30. We reiterate our 1-star rating on Beijing Capital with a fair value estimate of HKD 4. During the second half of 2018, Beijing Capital International Airport recorded higher-than-expected non-aeronauti...
- Ivan Su
Morningstar | In Fresh Look at BCIA, Downgrading to No Moat, Raising U...
After transferring coverage of Beijing Capital International Airport, we are downgrading our economic moat rating to none from narrow while maintaining a stable moat trend rating. We are keeping our fair value estimate at HKD 4 but raising our uncertainty rating to high and lowering our stewardship rating to Poor. We think the company’s shares are currently overvalued. In our view, despite the airport’s current monopolistic presence in the Chinese capital, tight regulations coupled with th...
- Ivan Su
Morningstar | A Tale of Two Airports: BCIA to Face Major Traffic Diver...
Beijing Capital International Airport is the world's second-largest airport with passenger volume of over 100 million in 2018. Despite the former monopolylike position in China's capital city, the firm’s levels of profitability were historically constrained by massive fixed-asset investment and tight government regulations. With the opening of a second airport soon, BCIA will be put under a tremendous amount of pressure to expand its nonaeronautical business. The city of Beijing is on track to...
- Ivan Su
In Fresh Look at BCIA, Downgrading to No Moat, Raising Uncertainty to ...
After transferring coverage of Beijing Capital International Airport, we are downgrading our economic moat rating to none from narrow while maintaining a stable moat trend rating. We are keeping our fair value estimate at HKD 4 but raising our uncertainty rating to high and lowering our stewardship rating to Poor. We think the company’s shares are currently overvalued. In our view, despite the airport’s current monopolistic presence in the Chinese capital, tight regulations coupled with the...
- Ivan Su
A Tale of Two Airports: BCIA to Face Major Traffic Diversion Over Next...
We are reducing our fair value estimate for Beijing Capital International Airport (BCIA) from HKD 7.90 to HKD 4.00 after the Civil Aviation Administration of China (CAAC) released more details on its plan to move portions of BCIA’s air traffic to the new Beijing Daxing International Airport (BDIA). While the faster-than-expected traffic relocation makes headlines, we are more concerned with the official passenger throughput forecasts that came below our expectations. Coupled with operating del...
- Ivan Su
Morningstar | Sky Really Is the Limit: Second Airport Is Set To Be a S...
We are reducing our fair value estimate for Beijing Capital International Airport (BCIA) from HKD 7.90 to HKD 4.00 after the Civil Aviation Administration of China (CAAC) released more details on its plan to move portions of BCIA’s air traffic to the new Beijing Daxing International Airport (BDIA). While the faster-than-expected traffic relocation makes headlines, we are more concerned with the official passenger throughput forecasts that came below our expectations. Coupled with operating del...
- Ivan Su
Morningstar | Sky Really Is the Limit: Second Airport Is Set To Be a S...
We are reducing our fair value estimate for Beijing Capital International Airport (BCIA) from HKD 7.90 to HKD 4.00 after the Civil Aviation Administration of China (CAAC) released more details on its plan to move portions of BCIA’s air traffic to the new Beijing Daxing International Airport (BDIA). While the faster-than-expected traffic relocation makes headlines, we are more concerned with the official passenger throughput forecasts that came below our expectations. Coupled with operating del...
- Ivan Su
Morningstar | Beijing's Second Airport Will Most Likely Divert Traffic...
Narrow-moat Beijing Capital International Airport, or BCIA, generated 6% higher passenger traffic during the first half of 2018, ahead of our forecast. While solid passenger numbers coupled with robust nonaeronautical revenue led to a notable 15% climb in revenue, profitability has not improved as we once expected. However, BCIA's miss on our bottom line estimate for the first half is the least of our concerns for the company. Instead, we are worried that BCIA will suffer material traffic divers...
- Ivan Su
Morningstar | Beijing's Second Airport Will Most Likely Divert Traffic...
Narrow-moat Beijing Capital International Airport, or BCIA, generated 6% higher passenger traffic during the first half of 2018, ahead of our forecast. While solid passenger numbers coupled with robust nonaeronautical revenue led to a notable 15% climb in revenue, profitability has not improved as we once expected. However, BCIA's miss on our bottom line estimate for the first half is the least of our concerns for the company. Instead, we are worried that BCIA will suffer material traffic divers...
- Ivan Su
Beijing's Second Airport Will Most Likely Divert Traffic Away From BCI...
Narrow-moat Beijing Capital International Airport, or BCIA, generated 6% higher passenger traffic during the first half of 2018, ahead of our forecast. While solid passenger numbers coupled with robust nonaeronautical revenue led to a notable 15% climb in revenue, profitability has not improved as we once expected. However, BCIA's miss on our bottom line estimate for the first half is the least of our concerns for the company. Instead, we are worried that BCIA will suffer material traffic divers...
- Allen Cheng
Cutting Our FVE by 28% to HKD 10.80 as Government Revokes Grants to Be...
We are lowering our fair value estimate for Beijing Capital International Airport, or BCIA, by 28% to HKD 10.80 per share from HKD 15 in response to China’s Ministry of Finance’s decision to revoke grants to the group, leading to a materially adverse impact to the firm’s top-line growth. Beijing Airport is not being singled out, as the decision to revoke government grants applies to a total of three listed airport operators in China. Despite the expected revenue losses, we remain positive ...
- John Hu
The Timing of a Trade War Couldn't Be Worse for China
China has maintained its economic rebalancing to consumption through the first quarter. But this process remains slow, as the Chinese consumer is becoming challenged with higher levels of household debt, and the picture for consumption growth is looking increasingly muddied. Despite a solid first-quarter bump, fixed-asset investment remains far below former levels. Going forward, weaker real estate and state-led infrastructure spending will likely quell any further rebound. Meanwhile, a rise in ...
- John Hu
BCIA: Fiscal 2017 Net Earnings Beat Estimate on Duty-Free Shops Revenu...
Narrow-moat Beijing Capital International Airport delivered a strong 2017 result, with 41% year-on-year net earnings growth beating our expectation by 10% on strong nonaeronautical revenue (mainly duty-free shops), while the 10% year-on-year top-line increase was as expected. For 2018, revenue from duty-free shops will remain the primary growth driver, while the ongoing shift toward more profitable international flights should provide additional top-line upside for the aeronautical segment, desp...
- John Hu
BCIA's narrow moat is driven by its monopolistic position in Beijing.
After updating our foreign exchange rate to factor in the strengthening Chinese yuan, we upgrade our fair value estimate for narrow-moat-rated Beijing Capital International Airport to HKD 13.50 per share (from HKD 12.50). Our long-term operating assumptions are unchanged for now, pending the release of the firm's full-year results in late March. We still expect the nonaeronautical segment to be a long-term growth driver (11% CAGR) amid substantial concession revenue upside (mainly due to duty-fr...
- John Hu
BCIA FVE Raised to HKD 13.50 per Share on Strengthening Chinese Yuan
After updating our foreign exchange rate to factor in the strengthening Chinese yuan, we upgrade our fair value estimate for narrow-moat-rated Beijing Capital International Airport to HKD 13.50 per share (from HKD 12.50). Our long-term operating assumptions are unchanged for now, pending the release of the firm's full-year results in late March. We still expect the nonaeronautical segment to be a long-term growth driver (11% CAGR) amid substantial concession revenue upside (mainly due to duty-fr...
- John Hu
BCIA's narrow moat is driven by its monopolistic position in Beijing.
Narrow-moat Beijing Capital International Airport, or BCIA, delivered a strong result for the first nine months. The 38% year-on-year net income growth rate was higher than expected, probably as a result of robust concession segment performance, while the 9% year-on-year top-line growth rate was in line with our full-year estimate. Additional operating highlights include effective cost controls and lowering financial expense amid the ongoing debt repayment. We maintain our fair value estimate of...
- John Hu
BCIA's First Nine Months' Profit Rose 38% on Tight Cost Control and Ro...
Narrow-moat Beijing Capital International Airport, or BCIA, delivered a strong result for the first nine months. The 38% year-on-year net income growth rate was higher than expected, probably as a result of robust concession segment performance, while the 9% year-on-year top-line growth rate was in line with our full-year estimate. Additional operating highlights include effective cost controls and lowering financial expense amid the ongoing debt repayment. We maintain our fair value estimate of...
- John Hu
BCIA Saw 40% Higher Earnings on Strong Nonaeronautical Growth in First...
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...
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