[ET Net News Agency, 20 July 2018] Credit Suisse lowered its target price for Beijing
Capital International Airport (BCIA)(00694) to HK$9.3 from HK$11.5, and reiterated its
"neutral" rating.
The research house is positive on China airports on the back of solid structural traffic
growth (given a favourable international mix). It also sees upside in non-aero development
with higher revenue sourced from the duty-free concession.
Credit Suisse likes BCIA for its potential on non-aero development (duty-free
retendering completed last year) but the traffic diversion impact to the new airport
remains an overhang.
On 3 July 2018, it announced the GTC (Ground Transportation Centre) acquisition from its
parent holding company for a total cost of Rmb4.5bn. Credit Suisse believes the revamp of
the GTC would help strengthen its commercial development and yield better international
traffic.
It adjusted its earnings forecast for BCIA by -19% to +19% for FY2018-19. (KL)
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00694 BEIJING AIRPORT
Nominal 
2.320 -0.090 (-3.734%) Others
20/07/2018 10:29
[I-bank focus]CS lowers Beijing Airport (00694) to HK$9.3
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