GBIA (600004.CH) Negative Factors Will be Absorbed July 17, 2019 69

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: CNYCNY18.70

Investment Summary

The profits of Baiyun Airport in the last four quarters hit a six-year low as rebate for airport construction fee was cancelled and depreciation surged after new capacity came on stream. However, we believe that negative factors will be absorbed, and, with the launch of duty-
free mode in the future and the construction of Guangdong-Hong Kong-Macao Greater Bay Area, we are optimistic about the commercial value revaluation of Baiyun Airport, and
maintained our target price at RMB 18.7 yuan. (Closing price as at 15 July 2019)

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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