Beijing Capital Airport: 1H26 positive profit alert to turnaround at net profit RMB10-20mn

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Beijing Capital Airport: 1H26 positive profit alert to turnaround at net profit RMB10-20mn

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Beijing Capital Airport

1H26 positive profit alert to turnaround at

net profit RMB10-20mn

Maintain Rating: BUY | PO: 2.65 HKD | Price: 1.64 HKD

Turnaround after 5-year loss making 20 July 2026

BCIA released 1H26 positive profit alert to turnaround at RMB10-20mn net profit Equity

(versus RMB164mn net loss in 1H25), indicating RMB0.7-10.7mn net profit for 2Q26.

The mgmt. attributed the turnaround to increased int’l traffic, well cost management AmyResearchHanAnalyst>>

and improved account receivable management. We maintain our Buy rating for resuming Merrill Lynch (Hong Kong)

profitability and undemanding 0.5x P/B. +852amy.han@bofa.com3508 5344

1H26 traffic recovery accelerated especially int’l NathanResearchGee,AnalystCFA >>

BCIA delivered solid growth in 1Q26, with domestic and int’l passenger traffic rising 8% Merrill+65 6678Lynch0418(Singapore)

and 13% YoY, respectively, supported by a 1% and 4% increase in aircraft movements nathan.gee@bofa.com

and higher load factor. Despite some moderation in 2Q26 as airlines trimmed capacity

amid elevated fuel costs, int’l passenger traffic remained resilient, growing 8% YoY,

benefiting from strong China–Europe demand following the Iran conflict. This was Stock Data

consistent with Air China’s int’l load factor growth, which remained in the high single

digits YoY during 2Q26. Overall, passenger throughput and aircraft movements Price 1.64 HKD

recovered to 73% and 73% of 2019 levels, respectively, highlighting the gradual Price Objective 2.65 HKD

recovery of traffic. Date Established 30-Mar-2026

Investment Opinion B-1-9

52-Week Range 1.40 HKD-3.25 HKDStrict cost control helped and duty-free ramping up

The mgmt.