You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
北京首都机场股份( 0694.HK ):国际旅客占比提升,免税收入高增长,维持“增持”评级
格隆汇 09-18 08:45

机构:国泰君安

评级:增持

本报告导读:

上半年出入境旅客占比提升,未来仍将持续;国际零售业务收入高增长,未来增长有赖于免税销售。

摘要:

1、国际零售业务收入高增长,维持“增持”评级。上半年出入境旅客占比提高到28%,国际零售业务收入增长66%。我们预计转场分流1/4的航班和旅客,少于转场规划;出入境旅客占比持续提升,有助于释放非航业务潜力。维持2019-2021年预测EPS人民币0.51、0.41、0.34元。综合DCF估值法和可比公司PB法,维持目标价10.68港元。

2、出入境旅客占比持续提升。上半年首都机场跑道维护和重大任务保障,导致飞机起降架次和旅客吞吐量减少。但是出入境旅客吞吐量依然增长,占比提高一个百分点。下半年重大保障任务和转场分流将使交通流量继续承压,但转场航司的国际和地区航班占比偏低,出入境旅客吞吐量有望继续增长,预计出入境旅客占比将提升。

3、国际零售业务收入高增长。上半年首都机场免税店销售收入增长25%左右,3月中旬开始免税销售分成比例提高,推动首都机场国际零售业务收入增长66%。下半年分成比例提高的贡献消退,国际零售业务收入有赖于免税销售收入的增长。而居民购买习惯变化、免税店营销活动和市内免税店分流等,将加大免税销售收入的预测难度。

4、运维费用较快增长。为提高运行效率、完成重大任务保障,上半年修理与维护、运行服务、绿化及环卫等费用合计增速28%,预计下半年仍将较快增长。转场期间,驻场航司的布局调整和航站楼装修改造,将推动相关成本提升。所幸随着转场导致的交通流量下降,安保和运行服务等外包费用有望下降。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account