SIA (600009.CH) Surged Non-aeronautical Business Promote Good 1Q Result May 14, 2019

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: CNYCNY74

First-quarter Net Income Rose 37%
SIA recently released its 2019Q1 resul: revenue reached RMB2.77 billion, increasing by
21.6% yoy; net profit attributable to the parent company reached RMB1.39 billion, up by
36.7% yoy, with a growth rate achieving the new peak over the past 8 years; and its nonattributable
net profit deducted reached RMB1,343 million, increasing by 32% yoy. The basic
EPS was RMB0.72. Cash flow from operating activities nearly doubled, reaching RMB978
million and increasing by 96% yoy, and the yield of weighted net assets increased by
0.84ppts.

About the author

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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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