Please see important notice on the last page. 1 of 6Company BriefingBEIJING CAP. AIRPORT-H(00694.HK) Beijing Capital International Airport (“BCIA”) reported net income of RMB 301 million for 2009, quite lower than that for 2007. High depreciation cost prevented the recovery of its earning. Looking forward, airport fee may cease charging from the beginning of 2011, which may lead to the end of BCIA’s share of airport fee. We set the target price at HK$4.20. Maintain NEUTRAL. Passenger throughput keeps growing. In 2009, BCIA’s passenger throughput increased by 17%. As a result, Beijing Capital Airport ranked the third busiest passenger airport in the world. In 1H2010, BCIA’s passenger throughput rose by 13%. We expect the passenger throughput in the whole year will rise by 12%. Depreciation cost is relatively high for current operation. After acquisition of Terminal 3 and relative assets from its parent, BCIA has to expense high depreciation cost of about RMB 1.5 billion a year. The depreciation cost is accounting for 31% of the total revenue. High depreciation cost prevents the recovery of its earning. Airport fee may cease charging from the beginning of 2011. Currently the government entrusts BCIA to charge every passenger airport fee. About 48% of the total airport fee is delivered to BCIA as subsidies. According to the government guidance, the airport fee may cease charging from the beginning of 2011, which may lead to the end of BCIA’s share of airport fee. Therefore, earning in 2011 will go down from that in 2010. Maintain the NEUTRAL rating. We expect BCIA’s net profit in 2010-2012 would be RMB 460, 338 and 704 million, respectively. We set the target price at HK$4.20, based on 35x of 2010E EPS. Maintain NEUTRAL. Financials Dec. 31 RMB mn 2008 2009 2010E2011E2012ERevenue 4,624 4,965 5,6645,3385,917Growth(%) 32 7 14-611Net income 85 301 460338704Growth(%) -92 253 53-27108Recurrent net income 93 285 452255621Growth (%) -92 208 59-44143EPS(RMB) 0.02 0.07 0.110.080.16Recurrent EPS(RMB) 0.02 0.07 0.100.060.14P/E(X)* 170 57 366326DPS(RMB) 0.00 0.03 0.040.040.04ROE (%)* 1 2 425Source: Company data, CMS(HK) estimates, *based on recurrent earnings. Neutral (prior：Neutral) TP： HK$ 4.20 Current price：HK$4.31 China Merchants Securities (HK) Yu Huangyan 86-755-83143907 yuhuangyan@cmschina.com.cn 13 Jul 2010 Key data HSI Index 20431.06HSCEI Index 11622.61S/O（mn） 4331S/O (H share)（mn） 1879Mkt cap (H shr) (mn) 8081BVPS（RMB） 2.9 Major share holder Holding (％)Capital Airport Holdings 56.6Free float 43.4Industry Airport serviceShare performance % 1m 6m12m Absolute return -5 -16-32Relative return -7 -8-42 -4 0-2 002040Jul-09Oct-09Feb -10Jun-10(%)00 69 4 .HKHSI Index Source：Bloomberg High depreciation cost prevents the recovery of the earning 请务必阅读正文之后的免责条款部分 2 of 6公司简报北京首都机场(00694.HK) 北京首都机场（“公司”）2009年净利润为3.0亿元，仍大大低于2007年。我们预计公司今年净利润达到4.6亿元。大额折旧费用是公司盈利恢复的主要制约因素。此外，政府自2011年可能起取消机场管理建设费，如确实取消将对公司2011年收入构成重大不利影响。我们对公司估值为每股HK$4.20，维持“中性”评级。 客货吞吐量继续增长 2009年北京首都机场旅客吞吐量同比增长17%，一跃成为全球第三大客运机场。今年1－6月，公司旅客吞吐量同比增长13%。我们预计全年公司旅客吞吐量增长12%，货邮吞吐量增长12%。 折旧费用高昂 由于三号航站楼和第三跑道投资额巨大，导致公司折旧费用高昂，2009年公司折旧及摊销费用高达15.7亿元，占公司收入的比重达31%。折旧费用高昂将使得公司的盈利在2012年仍然不能恢复到2007年的水平。 机场管理建设费收入存在很大不确定性 2007年中国民航局表示将自2011年起取消机场管理建设费。但目前关于是否确实取消的问题并无明确说法。如果取消机场管理建设费，会造成北京首都机场失去这一收入。2009年公司机场管理建设费收入达8.3亿元。 应收账款余额过大，影响公司现金流 2009年末，公司应收账款及其他应收款余额达18.1亿元，其中逾期3个月以上的应收账款超过5亿元。公司的应收账款周转率低于中国国内其他机场公司。 维持“中性”评级 我们预测2010年公司净利润为4.6亿元。我们以2010年盈利和35倍目标市盈率对公司估值，估值结果为每股HK$4.20。维持“中性”评级。 盈利预测及估值 12月31日人民币百万元 2008 2009 2010E2011E2012E收入 4,624 4,965 5,6645,3385,917同比增长(%) 32 7 14-611净利润 85 301 460338704同比增长(%) -92 253 53-27108经常性净利润 93 285 452255621同比增长(%) -92 208 59-44143EPS(人民币元) 0.02 0.07 0.110.080.16经常性EPS(人民币元) 0.02 0.07 0.100.060.14市盈率(x)* 170 57 366326每股股息(人民币元) 0.00 0.03 0.040.04