Beijing Airport trades at an outlier valuation per passenger capacity

Conviction: 67% · Horizon: 2Y · 2026-04-07
Recovery in cash generation is not fully reflected in Beijing Airport's capacity-based valuation

Beijing Airport operates below historical utilization after Daxing's opening and the pandemic, yet cash flows and debt coverage have improved materially. If the market capitalization remains unusually low versus passenger capacity, the asset may be mispriced relative to long-term earnings power.

Instrument Side Target Reason
0694 Long Beijing Airport combines hard-to-replicate infrastructure, large passenger capacity, and improving cash-flow resilience, yet its market value per passenger appears abnormally low versus peers. We believe that if traffic normalization and financial improvement continue, the valuation gap can narrow meaningfully.

Themes

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