[ET Net News Agency, 2 September 2019] Daiwa Research lowered its target price for
Beijing Capital International Airport (BCIA)(00694) to HK$6.4 from HK$6.5 but upgraded its
rating to "hold" from "underperform".
The research house said risks over the traffic diversion to Daxing airport remain as the
authorities have not finalised the plan yet. For international routes, risks are even
higher as the diversion mainly depends on the intentions of foreign airlines, according to
management.
Amid the Daxing traffic diversion period before 2022, BCIA plans to fast-track the
upgrade and renovation of its asset for better passenger experience and expects the capex
to increase to as high as CNY1.5-2bn in the future.
Daiwa raised its 2019-20 EPS forecasts by 6-16% due to the stronger-than-expected retail
revenue but cut 2021 EPS estimates by 6% due to the strong traffic diversion impact. (KL)
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00694 BEIJING AIRPORT
Nominal 
2.320 -0.090 (-3.734%) Research Report
02/09/2019 15:05
{I-bank focus}Daiwa lifts Beijing Airport (00694) to "hold"
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