Glonghui, November 13 | Bank of America Securities published a rating report that lowered Capital Airport's net profit forecast for 2023-25 by an average of about 250 million yuan to reflect the low per capita consumption of duty-free goods, offsetting the favorable impact of recovering traffic and lower management fees for parent companies in concession contracts. According to the bank, based on continued headwinds in the duty-free business, its target price was lowered from HK$4.5 to HK$4, maintaining its rating as “underperforming in the market”. According to the report, the per capita consumption of duty-free goods this year was disappointing. In the first half of this year and the second half of this year, the average consumption of international visitors was 128 yuan and 117 yuan, respectively, lower than the 310 yuan before the epidemic. It mainly reflects the slow pace of reopening of new stores. Most of the reopening areas are stores with low consumption, and are affected by cyclical factors.