Glonghui, December 13 | According to a report published by Morgan Stanley, air travel demand since November has been weaker than expected, believing that the duty-free operation of Beijing Capital Airport will bring downside risks to it, so the rating was lowered from “synchronizing with the market” to “reducing holdings”. The target price was lowered 59% from HK$5.4 to HK$2.2. At the same time, Daimo expanded Capital Airport's loss forecast for 2023 from 0.15 yuan to 0.34 yuan, and adjusted the 2024 profit forecast from 0.26 yuan per share to a loss of 0.01 yuan, and indicated that if duty-free consumption does not improve or duty-free shop contracts weaken sooner than expected, profit estimates there is room for further decline. Furthermore, the bank also lowered the target price for Meilan Airport by 8% from HK$7.7 to HK$7.1 to reflect the depreciation of the RMB and maintain the “in sync with the market” rating.