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Poor traffic continues,placement a mild negative

华股财经 2008年08月04日 15:00:32 来源:巨灵信息 作者:YingYing Hou
字号:T|T
Expensive valuation despite negative near-term newsflowThe stock is expensive in our view – trading at an adjusted EV/EBITDA of 16x for2008E vs. the sector average of 11x and at a 6% premium to our DCF value ofHK$7.70/ share. We like BCIA’s long term growth prospects, but believe shorttermnews flow remains negative given its poor traffic growth and uncertainty overthe timing of the Terminal 3 handover. We reiterate our Underperform stance. (美林证券(MERRILL SECURITIES CO., LTD.))
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