BEIJING CAPITAL INTERNATIONAL AIRPORT(00694.HK):FURTHER FEE CUTS TO ENTRUSTED MANAGEMENT OF ADVERTISING AND INTERNATIONAL RETAIL BUSINESSES
BEIJING CAPITAL INTERNATIONAL AIRPORT(00694.HK):FURTHER FEE CUTS TO ENTRUSTED MANAGEMENT OF ADVERTISING AND INTERNATIONAL RETAIL BUSINESSES
CommentsWhat's new
有什麼新消息
Recently, Beijing Capital International Airport (BCIA) released a supplemental agreement (hereinafter referred to as the "Supplemental Agreement") addressing the entrusted management of advertising business and international retail business. According to the Supplemental Agreement, the entrusted management fee rate is reduced to 10% from 20% for the international retail business conducted by Beijing Capital Airport Commercial & Trading (a wholly-owned subsidiary of BCIA's parent company), and to 16% from 22% for the advertising business conducted by Capital Airports Holdings Media (another wholly-owned subsidiary of BCIA's parent company). The reduction will be effective from September 19 to the end of 2026.
最近，首創股份國際機場（BCIA）發佈了一份補充協議（以下簡稱"補充協議"），涉及廣告業務和國際零售業務的受託管理。根據補充協議，北京首都機場商貿有限公司（首創股份母公司的全資子公司）進行的國際零售業務的受託管理費率從原來的20%降至10%，而首都機場控股傳媒（首創股份母公司的另一個全資子公司）進行的廣告業務的受託管理費率也從原來的22%降至16%。此降低將從2021年9月19日生效，並持續至2026年年底。
Meanwhile, the upper limit of the related-party transactions of entrusted international retail management is lowered to Rmb90mn, Rmb110mn and Rmb140mn from Rmb240mn, Rmb370mn and Rmb510mn over 2024- 2026, and that of the related-party transactions of entrusted advertising management is reduced to Rmb151mn, Rmb170mn, and Rmb192mn from Rmb200mn, Rmb250mn, and Rmb270mn.
同時，受託國際零售管理關聯交易的上限從2024年至2026年分別由人民幣240百萬元、人民幣370百萬元和人民幣510百萬元降至人民幣90百萬元、人民幣110百萬元和人民幣140百萬元；而受託廣告管理關聯交易的上限也從人民幣2億、人民幣2.5億和人民幣2.7億降至人民幣1.51億、人民幣1.7億和人民幣1.92億。
Comments
評論
We believe the firm's related-party transactions are improving. In 2018-2020, the basic revenue-sharing ratio was 22% for the international retail business and 25% for the advertising business, both subject to an incremental revenue-sharing mechanism. From 2021 to 2023, the basic revenue-sharing ratio remained unchanged, while the sharing of incremental revenue was suspended. In 2024-2026, the revenue-sharing ratio was lowered to 20% for international retail and 22% for advertising under the original contract and was further reduced to 10% and 16% as per the supplemental agreement. We expect the continuous reduction of entrusted management fee rate to facilitate BCIA's cost decline.
我們認爲公司的關聯交易有所改善。在2018年至2020年期間，國際零售業務的基礎分成比率爲22%，廣告業務爲25%，均受增量分成機制約束。從2021年至2023年，基礎分成比率保持不變，而增量收入分成被暫停。2024年至2026年，根據原合同，分成比率降至國際零售業務20%，廣告業務22%，根據補充協議進一步降至10%和16%。我們預計不斷降低受託管理費率將有助於首創股份的成本下降。
Revenue from commercial businesses yet to improve. In 1H24, revenue from international retail franchising and the advertising business stood at Rmb259mn and Rmb356mn, 15% and 61% of the levels in 1H19, while passenger volume only recovered to 66% of the level in 1H19.
商業業務收入尚未改善。2024年上半年，國際零售特許經營和廣告業務的收入分別爲人民幣2.59億和人民幣3.56億，分別爲2019年上半年水平的15%和61%，而客流量僅恢復至2019年上半年水平的66%。
Compared with aviation-related businesses, we think the recovery of non- aviation businesses may face heavier pressure, especially the duty-free business.
與航空相關的業務相比，我們認爲非航空業務的復甦可能面臨更大的壓力，特別是免稅業務。
Financials and valuation
財務和估值。
We keep our 2024 and 2025 earnings forecasts unchanged at - Rmb478mn and Rmb182mn. The stock is trading at 0.6x 2024e P/B and 0.6x 2025e P/E. We maintain an OUTPERFORM rating and keep our target price unchanged at HK$2.9 (based on 0.8x 2024e P/B), offering 29.5% upside.
我們維持2024年和2025年的盈利預測不變，分別爲-4.78億人民幣和1.82億人民幣。該股票目前以2024年預期市淨率的0.6倍和2025年預期市盈率的0.6倍交易。我們維持跑贏大盤的評級，並將目標價維持在2.9港元（基於2024年預期市淨率的0.8倍），提供29.5%的上漲空間。
Risks
風險
Disappointing recovery of international passenger traffic; weak DFS sales; higher-than-expected capex.
國際客運量恢復令人失望；免稅銷售疲軟；資本支出高於預期。
譯文內容由第三人軟體翻譯。
