上港集团整体上市点评(PDF 4).pdf

abcd Global Equity Research
China
Shanghai International Airport Co Transportation Services
Rating Reduce 2
Price target $
RIC:
A pany, but all priced in
19 March 2003

Coverage launched
We initiate coverage on Shanghai International pany (SIAC) with a Potential returns
Reduce 2 rating and price target of , based on its valuation relative to
Price target downside -%
comparable airports and its rate of earnings and operational growth. The stock is
Dividend per share (E) $
currently trading near the top of its recent price band and—with dilution risk
Dividend yield (E) %
pending—we consider this too rich.
Total return potential -%

Future hub prospects support it at lower prices Trend EPS growth rate +14%
That said, Shanghai appears to be one of China’s key growth gateways and both
central and local government are keen to promote the city (and hence its airports) Trading data (local/US$)
as one of Asia’s principal hubs. Price $
52-wk. range -$-

Dilution probable Market cap. $
Whilst SIAC is sitting on cash pile and major capex is not expected for Shares outstanding 1,412m
another two years, it is looking to raise further capital via strategic alliances or Free float 37%
share issuance. The proceeds would likely be used to acquire runway assets from Average volume ('000) 4,132
its parent (as well as T2 at Pudong in 2007), which could improve its earnings Convertible No
outlook and valuation. Volatility Low

Valuation: Slightly overdone
However, we feel that SIAC should trade on a prospective EV/EBITDA of Balance sheet data 12/02E
versus the at which its stock price currently values it. This takes into account Shareholders' equity
its robust growth rate, but benchmarks it relative to its peer airport operators and P/BV (UBSW)
equates it to a 12-month price targe