The Zhitong Finance App learned that Daiwa released a research report saying that the rating of Beijing Capital Airport (00694) was upgraded from “holding” to “superior to the market”, with a target price of HK$6.4. As passenger traffic recovers and international travelers increase, they are likely to be the main beneficiaries of the recovery in international tourism. The company had the upper hand in the duty-free contract negotiations, and the recent decline in stock prices provided a better entry point.

The bank expects that Beijing Capital Airport may cut some of the benefits of the existing duty-free agreement in exchange for future business growth opportunities. Since Dazhou is relatively optimistic about the recovery in tourism demand, even if the market generally expects Capital Airport to make a net loss, the bank still believes that the company can achieve net profit this year. The company's future risks include a sharp reduction in revenue share, the potential opening of the downtown duty-free market may encroach on the share of airport duty-free shops, and the weakening of the long-term bargaining power of airport owners in the business model.