Shanghai International Airport's Current Valuation Appears Stretched -- Market Talk

Dow Jones03-25

0612 GMT - Shanghai International Airport's current valuation appears stretched considering its downside risks, say CCB International analysts Rong Li and Katherine Li in a note. Over a year into China's reopening after Covid, direct flights between China and the U.S. accounted for only 20% of their pre-Covid levels in the first two months of 2024, they note. SHIA's duty-free income is still struggling to reach 50%-60% of the level seen in 2019, they say. CCB lowers the stock's target to CNY34.50 from CNY38.00 as SHIA's preliminary 2023 results show a 4Q profit run-rate of only CNY450 million and retains a neutral rating. CCB reckons it would be more constructive on the stock if the international passenger mix improves or the share's valuation becomes more attractive. Shares were last at CNY36.64.(monica.gupta@wsj.com)

(END) Dow Jones Newswires

March 25, 2024 02:12 ET (06:12 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2422552540?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-03-25 14:12","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2422552540","market":"fut","top_or_hot":-1,"title":"Shanghai International Airport's Current Valuation Appears Stretched -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0612 GMT - Shanghai International Airport's current valuation appears stretched considering its downside risks, say CCB International analysts Rong Li and Katherine Li in a note. Over a year into China's reopening after Covid, direct flights between China and the U.S. accounted for only 20% of their pre-Covid levels in the first two months of 2024, they note. SHIA's duty-free income is still struggling to reach 50%-60% of the level seen in 2019, they say. CCB lowers the stock's target to CNY34.50 from CNY38.00 as SHIA's preliminary 2023 results show a 4Q profit run-rate of only CNY450 million and retains a neutral rating. CCB reckons it would be more constructive on the stock if the international passenger mix improves or the share's valuation becomes more attractive. Shares were last at CNY36.64.(monica.gupta@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2024 02:12 ET (06:12 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shanghai International Airport's Current Valuation Appears Stretched -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShanghai International Airport's Current Valuation Appears Stretched -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-25 14:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>0612 GMT - Shanghai International Airport's current valuation appears stretched considering its downside risks, say CCB International analysts Rong Li and Katherine Li in a note. Over a year into ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0588545904.SGD","symbol_name":"Eastspring Investments - Asian Equity Income ASDM SGD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2422552540","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422552540","pubTimestamp":1711347120,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0612 GMT - Shanghai International Airport's current valuation appears stretched considering its downside risks, say CCB International analysts Rong Li and Katherine Li in a note. Over a year into China's reopening after Covid, direct flights between China and the U.S. accounted for only 20% of their pre-Covid levels in the first two months of 2024, they note. SHIA's duty-free income is still struggling to reach 50%-60% of the level seen in 2019, they say. CCB lowers the stock's target to CNY34.50 from CNY38.00 as SHIA's preliminary 2023 results show a 4Q profit run-rate of only CNY450 million and retains a neutral rating. CCB reckons it would be more constructive on the stock if the international passenger mix improves or the share's valuation becomes more attractive. Shares were last at CNY36.64.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"600009":"上海机场","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","03143":"华夏香港银行股","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK1560":"内银股","BK1231":"综合性银行","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","IE00BWDBJ730.SGD":"Legg Mason QS - MV Asia Pacific ex Japan Equity Growth and Income A Mdis SGD-H Plus","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0315179316.USD":"EASTSPRING INVESTMENTS ASIAN DYNAMIC \"A\" (USD) ACC","BK0053":"迪士尼","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","BK1521":"挪威政府全球养老基金持仓","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","BK1610":"ETF&股票定投概念","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK0175":"白马股","LU0359201612.USD":"贝莱德中国基金A2","LU0173614495.USD":"富达中国焦点A","LU1044875133.USD":"天利亚洲反向股票 AU Acc","BK0184":"上海国资改革","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK0183":"MSCI概念","LU1366334578.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"A\" (USD) INC","00939":"建设银行","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC"},"translate_title":"上海国际机场目前的估值似乎捉襟见肘——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600009":0.9,"00939":0.9,"03143":0.6},"content_text":"0612 GMT - Shanghai International Airport's current valuation appears stretched considering its downside risks, say CCB International analysts Rong Li and Katherine Li in a note. Over a year into China's reopening after Covid, direct flights between China and the U.S. accounted for only 20% of their pre-Covid levels in the first two months of 2024, they note. SHIA's duty-free income is still struggling to reach 50%-60% of the level seen in 2019, they say. CCB lowers the stock's target to CNY34.50 from CNY38.00 as SHIA's preliminary 2023 results show a 4Q profit run-rate of only CNY450 million and retains a neutral rating. CCB reckons it would be more constructive on the stock if the international passenger mix improves or the share's valuation becomes more attractive. Shares were last at CNY36.64.(monica.gupta@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 25, 2024 02:12 ET (06:12 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422552540"}