UBS issued a research report stating that BEIJING AIRPORT (00694) recorded a 2.6% year-on-year revenue increase to RMB 2.8 billion in the first half of the year. The company's loss narrowed to RMB 163 million compared to a loss of RMB 376 million in the same period last year. However, the performance fell short of both UBS and market expectations.
The bank has revised its earnings per share forecasts for 2025-2027 downward from RMB 0.02, RMB 0.08, and RMB 0.13 to negative RMB 0.05, RMB 0, and RMB 0.04 respectively. Meanwhile, the target price has been slightly raised from HK$3.1 to HK$3.22 due to a reduction in the weighted average cost of capital (WACC). UBS maintains a neutral rating on the stock.
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