22/08/2019 18:01

{I-bank focus}Goldman ups Beijing Airport (00694) to HK$8.1

[ET Net News Agency, 22 August 2019] Goldman Sachs lifted its target price for Beijing
Capital International Airport (BCIA)(00694) to HK$8.1 from HK$7.5 and maintained its "buy"
The research house said BCIA runs the second-largest duty-free shopping (DFS) business.
Since 2018, when DFS revenue per passenger grew at 27%, BCIA has opened eight new
boutiques in Terminal 2 and is renovating the retail offering in Terminal 3.
Goldman expects both of these to boost passenger spending over the coming 1-2 years. It
thinks the market has overlooked this emerging DFS revenue stream. It forecast revenue per
passenger to rise by 10% in 2019 and a further 5% in 2020, taking concession revenues
above the minimum annual guaranteed (MAG) level, creating earnings leverage as spending
rises. Goldman raised its 2019-21 earnings forecasts by 4-13%. (KL)

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