Gelonghui, Feb. 7 丨 Daiwa Development Research Report said that with the resumption of passenger traffic and the increase in international travelers, Beijing Capital Airport Co., Ltd. (0694.HK) is likely to be the main beneficiary of the recovery in international tourism. Considering that the company had the upper hand in duty-free contract negotiations and that the recent decline in stock prices provided a better market entry point, the rating of Beijing Capital Airport was upgraded from “holding” to “superior to the market”, but maintaining the target price of HK$6.4. Daiwa estimates that Beijing Capital Airport may cut some of the benefits of existing duty-free agreements in exchange for future business growth opportunities. Since Daiwa is relatively optimistic about the recovery in tourism demand, even if the market generally expects Capital Airport to record a net loss, Yamato still expects the company to achieve net profit this year. According to Yamato, the future risks of Capital Airport include a drastic reduction in revenue share, the potential opening of the downtown duty-free market that may encroach on the share of airport duty-free shops, and the weakening of the long-term bargaining power of the airport owners' business model. The stock is currently reported at HK$5.74, with a total market value of HK$26.3 billion.