SIA (600009.CH) Sustained Rapid Growth of Non-aeronautical Business April 2, 2019 308

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: CNYCNY67

Rapid Growth of Results
Shanghai International Airport (SIA) achieved a revenue of RMB9.313 billion in 2018, up by
15.5% yoy, and a net profit attributable to parent of RMB4.23 billion, up by 14.5% yoy, with
a basic EPS of RMB2.2, slightly lower that our expectation by 7.7%. Its DPS was RMB0.66,
with a dividend payout ratio maintained at 30%. Its weighted ROE rose to 15.85%, up by

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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