Beijing Capital International Airport: 1H26 profit alert shows early recovery; Stay Neutral

Research evidence excerpt

Beijing Capital International Airport: 1H26 profit alert shows early recovery; Stay Neutral

J P M O R G A N Asia Pacific Equity Research

21 July 2026

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Beijing Capital International

Airport Neutral

0694.HK, 694 HK

1H26 profit alert shows early recovery; Stay Neutral Price (20 Jul 26):HK$1.64

Price Target (Dec-26):HK$1.80

Beijing Capital International Airport (BCIA) released its 1H26 profit alert, Infrastructure, Industrials &

expecting 1H26 net profit of Rmb10-20MM, implying 2Q26 net profit of Transport

~Rmb6MM on average after 1Q26 marked the first profitable quarter since the Jenny Qiu, CFA AC

pandemic. This is a meaningful earnings inflection, as BCIA has now delivered two (852) 2800 8503

consecutive profitable quarters after a long post-COVID loss cycle. We believe jenny.qiu@jpmorgan.com

FY26E is on track to becoming the first profitable year since the pandemic, Karen Li, CFA

supported by traffic recovery, cost control and a much lower loss base. The stock (852) 2800-8589

remains cheap at ~0.5x FY27E P/B versus Asian peers at 2x, but we would still not karen.yy.li@jpmorgan.com

turn OW given thin earnings, a soft duty-free business and incomplete international Sunny Su

(852) 2800 8551

traffic recovery. sunny.su@jpmorgan.com

• Earnings are turning but remain shallow. The key positive from the 1H26 Neil Zhang

profit alert is not the absolute profit level, but the confirmation that 1Q26 was (852) 2800-8598

neil.zhang@jpmorgan.com