外文报告：Phillip Securities-首都机场(00694)Non：Aeronautical part gradually exerts an effect-121003

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Beijing Capital International Airport Co., Ltd. (694.HK)
Non-Aeronautical part gradually exerts an effect Phillip Securities (HK)Ltd
Bloomberg │ ││ │ Reuters │ ││ │ POEMS
694.HK │ ││ │ 694.HK │ ││ │ 694.HK
Industry: Airport
Phillip Securities Research

3 October 2012
2012H result review
Rating: Accumulate CP: HKD 5.2 TP: HKD 6.1
Company Profile
Beijing Capital International Airport Co., Ltd. (BCIA) is
China’s largest and global second largest civil aviation
airport in terms of passenger throughput. Airport
movements and cargo volumes rank global seventh and
14th respectively, with three terminals and three separate
4F level runways. The Company was listed on the Hong
Kong market in January 2001.

Summary
BCIA traffic data grew steadily in August, while external
routes by overseas airlines continued to maintain a rapid
growth. Aircraft Movements grew by 5.3% yoy, among
which domestic routes increased by 4.8% yoy, and
driven by summer vacation busy season, international
and HK and Macao routes increased by 7% (external
flights carried by overseas airlines increased by about
10.4%). Passenger throughput amounted to 7.72 million,
up by 4.6% yoy, among which domestic routes and
international and HK, Macao and Taiwan routes
increased by 3.2% and 9.2% respectively, while
passengers of external routes carried by overseas
airlines increased by about 10.1%. During the first eight
months, Aircraft Movements and passengers
accumulated on the BCIA increased by 4.4% and 4.3%
yoy.

BCIA reported total income of RMB3.357 billion in H1, up
by 8% yoy; operating expense increased by 8% to
RMB2.15 billion; net profits were recorded RMB580
million, up by 12.7% yoy; EPS was RMB0.134, RMB0.04
interim dividend to be distributed, dividend payout ratio at
30%. On a closer look, aeronautical income increased by
6.3% yoy, among which passenger service and landing
fee increased by 4.9% and 9.9%. The substantial
increase in the landing fee was largely attributed to rapid
increase in international routes and increase in large
airplane percentage with fairly high charges..

As a result of rapid increase in passenger throughput,
especially rapid increase in passengers by international
and HK, Macao and Taiwan routes, and commercial area
expansion, Non-Aeronautical business of the BCIA
started to gradually exert an effect. Non-Aeronautical
operating income in H1 2012 increased by 10.3%, and
Non-Aeronautical operating income percentage of the
gross income increased from 41.4% in the end of 2011 to
42.2%.




BCIA
Rating 2.00 Accumulate
- Previous Rating 1.00 Buy
Target Price (HKD) 6.1
- Previous Target Price (HKD) 5.6
Closing Price (HKD) 5.20
Expected Capital Gains (%) 17.3%
Expected Dividend Yield (%) 2.8%
Expected Total Return (%) 20.1%
Raw Beta (Past 2yrs weekly data) 0.65
Market Cap. (HKD bn) 22,521
Enterprise Value (HKD mn) 33,031
52 week range (HKD) 2.91 - 5.5
Closing Price in 52 week range
Key Financial Summary
FYE 12/10 12/11 12/12F 12/13F
Revenue (RMB mn) 5777 6500 6919 7486
Net Prof it, adj. (RMB mn) 595 1114 1302 1652
EPS, adj. (RMB) 0.14 0.26 0.30 0.38
P/E (X),adj. 30.8 16.5 14.1 11.1
BVPS (RMB) 3.10 3.34 3.60 3.93
P/B (X) 1.4 1.3 1.2 1.1
DPS (RMB) 0.00 0.08 0.11 0.12
Div. Yield (%) 0.0% 1.8% 2.6% 2.8%
Source: Bloomberg, PSR est.
*All multiples & yields based on current market price
Valuation Method
EV/EBITDA
Analyst
Zhang Jing
zhangjing@http://wendang.chazidian.com
+86 63512937
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