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《大行報告》大和降首都機場(00694.HK)評級至「跑輸大市」 目標價下調至5.4元
阿思達克 02-02 10:06
大和發表研究報告,指出首都機場(00694.HK)的免稅店營運商中國中免(601888.SH)及上海機場(600009.SH)在上月29日出乎意料地就其免稅合同作出公告。根據中國中免及上海機場最新的公布,其免稅合同進行了修訂,國際旅客吞吐量將決定免稅租金的收取方式。

若機場的每月國際旅客吞吐量低於2019年平均水平的80%,上海機場將會基於每名國際旅客的平均免稅銷售額、實際國際旅客人數、旅客調整因素及建築面積調整因素等,向中國中免收取租金收入。然而,若國際旅客數目超過80%門檻,上海機場將收取固定租金。雖然首都機場尚未發布任何相關公告,但看到其有很大機會採取類似做法,例如可能只收取2020年保證租金收入30億元人民幣的一部分。

該行估計,首都機場將會在2023年取消這80%門檻,其2021至2022年的免稅租金將分別佔其2020年保證租金收入的59%及98%。相比上海機場,首都機場的航空收入更高,其免稅租金佔2019年總收入約33%,雖然潛在的免稅政策修訂將影響其收益,但看到對其負面影響相對較小。

大和預期首都機場在2020年度會錄得更大的虧損,超出早前的預期,並在2021年度扭虧為盈,將其2022年的每股盈利預測下調36%。目標價由原來的8.2元下調至5.4元,投資評級由「買入」調低至「跑輸大市」。

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