– Jump of 21% in 2017H1 Earnings
– Aviation business revenue increased by 3.5% YoY
– Soar of 26% in non-aeronautical business
– As the duty-free bidding is about to start, the value of airline hub is stable
We increase the Company`s EBITDA per share to RMB2.17 in 2017 and RMB2.6 in 2018, respectively, with the estimation of a 20/17x multiple during the two years. The target price is increased to RMB44.35 and the “Accumulate” rating is maintained.