Zhongtong Finance APP learned that Beijing Capital Airport (00694) has fallen more than 3%, down 3.33% to HKD 2.61, with a turnover of HKD 14.063 million.

UBS Group has released a research report stating that at its investment forum, Beijing Capital Airport stated that the daily takeoffs and landings of domestic and international aircrafts in April have rebounded to 120% and 70% of the level in 2019, respectively. The recovery of aircraft takeoffs and landings will be 5% to 10% higher than passenger traffic. In addition, the company expects aviation revenue to steadily increase, while duty-free revenue faces significant uncertainty because per capita duty-free consumption is only RMB 180 to 190 yuan.

UBS has lowered the earnings per share for Beijing Capital Airport for 2024 to 0.04 yuan, for 2025 to 0.13 yuan, and for 2026 to 0.26 yuan. This is mainly due to the downward revision of per capita duty-free consumption from 2024 to 2026 to RMB 200 yuan, 210 yuan, and 220 yuan. Due to the lower-than-expected weighted average cost of capital and lower-than-expected duty-free business, EPS has been lowered, and the target price has been raised from HKD 3.22 to HKD 3.31.