Glonghui, November 13 | CICC published a report stating that Capital Airport recently announced the signing of a series of continuous connected transactions involving international retail, catering and advertising businesses from 2024 to 2026 with subsidiaries of its parent company. The bank believes that the newly signed contract is more favorable than the terms of the previous contract from 2021 to 2023, slightly exceeding market expectations. The bank believes that passenger traffic on domestic and international routes in the third quarter of Capital Airport recovered to 67% and 36% of the same period in 2019, respectively, lowering the company's profit forecast for this year and next two years to a loss of 1.52 billion yuan and a profit of 733 million yuan, compared with previous forecasts of loss of 1.34 billion yuan and profit of 889 million yuan, mainly due to disappointment with the recovery in passenger traffic, maintaining the company's “outperforming market” rating. The target price was lowered by 19% to HK$4.3.
研报掘金｜中金：下调首都机场目标价至4.3港元 维持“跑赢大市”评级
Research Report Nuggets | CICC: Lowering Capital Airport's Target Price to HK$4.3 to Maintain “Outperform Market” Rating
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