Beijing Capital International Airport Valuation

Q: What is the Fair Price of 694 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

694 (HK$2.76) is trading below our estimate of [[fair value]] (HK$5.35)

Is 694 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 694 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 694 (HK$2.76) is trading below our estimate of fair value (HK$5.35)

Significantly Below Fair Value: 694 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 694?

Key metric: As 694 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 694. This is calculated by dividing 694's market cap by their current revenue.
What is 694's PS Ratio?
PS Ratio	2.2x
Sales	CN¥5.44b
Market Cap	CN¥11.76b

694 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4x
Enterprise Value/EBITDA	32.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 694's PS Ratio compare to its peers?

The above table shows the PS ratio for 694 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.4x
357 Hainan Meilan International Airport	1.6x	15.4%	HK$3.7b
107 Sichuan Expressway	0.8x	n/a	HK$14.6b
1199 COSCO SHIPPING Ports	1.3x	5.0%	HK$15.9b
995 Anhui Expressway	1.9x	-22.8%	HK$22.5b
694 Beijing Capital International Airport	2.2x	12.9%	HK$12.6b

Price-To-Sales vs Peers: 694 is expensive based on its Price-To-Sales Ratio (2.2x) compared to the peer average (1.4x).

Price to Sales Ratio vs Industry

How does 694's PS Ratio compare vs other companies in the HK Infrastructure Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
269 China Resources and Transportation Group	0.2x	n/a	US$13.61m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 694 is expensive based on its Price-To-Sales Ratio (2.2x) compared to the Hong Kong Infrastructure industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is 694's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

694 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.2x
Fair PS Ratio	1.2x

Price-To-Sales vs Fair Ratio: 694 is expensive based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 694 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	HK$2.76	HK$2.83 +2.6%	16.4%	HK$3.97	HK$2.30	n/a	10
Nov ’25	HK$2.76	HK$2.89 +4.8%	18.3%	HK$4.24	HK$2.27	n/a	10
Oct ’25	HK$2.90	HK$2.93 +1.1%	19.6%	HK$4.30	HK$2.31	n/a	10
Sep ’25	HK$2.34	HK$2.97 +27.1%	16.0%	HK$4.00	HK$2.36	n/a	10
Aug ’25	HK$2.54	HK$3.05 +20.3%	15.2%	HK$3.98	HK$2.31	n/a	10
Jul ’25	HK$2.58	HK$3.05 +18.1%	15.3%	HK$3.97	HK$2.30	n/a	10
Jun ’25	HK$2.65	HK$3.07 +15.8%	15.3%	HK$3.99	HK$2.31	n/a	10
May ’25	HK$2.50	HK$3.08 +23.3%	23.5%	HK$4.90	HK$2.30	n/a	10
Apr ’25	HK$2.37	HK$3.09 +30.3%	25.0%	HK$4.90	HK$2.08	n/a	9
Mar ’25	HK$2.55	HK$3.47 +36.2%	36.9%	HK$6.37	HK$2.10	n/a	9
Feb ’25	HK$2.29	HK$3.47 +51.7%	36.9%	HK$6.37	HK$2.10	n/a	9
Jan ’25	HK$2.29	HK$4.23 +84.8%	36.8%	HK$6.68	HK$2.21	n/a	9
Dec ’24	HK$2.86	HK$5.32 +86.0%	20.8%	HK$7.31	HK$3.78	n/a	10
Nov ’24	HK$2.81	HK$5.38 +91.3%	18.1%	HK$7.14	HK$3.69	HK$2.76	10
Oct ’24	HK$3.63	HK$5.85 +61.2%	28.7%	HK$9.95	HK$3.68	HK$2.90	10
Sep ’24	HK$4.11	HK$5.81 +41.3%	28.7%	HK$10.03	HK$3.71	HK$2.34	11
Aug ’24	HK$5.06	HK$6.25 +23.6%	25.0%	HK$9.75	HK$4.27	HK$2.54	11
Jul ’24	HK$5.07	HK$6.22 +22.6%	25.2%	HK$9.71	HK$4.26	HK$2.58	11
Jun ’24	HK$5.36	HK$6.43 +20.0%	25.8%	HK$9.95	HK$4.48	HK$2.65	11
May ’24	HK$6.10	HK$6.53 +7.0%	24.1%	HK$9.49	HK$4.62	HK$2.50	11
Apr ’24	HK$5.78	HK$6.52 +12.7%	24.4%	HK$9.50	HK$4.63	HK$2.37	11
Mar ’24	HK$5.90	HK$6.20 +5.1%	23.4%	HK$9.51	HK$4.73	HK$2.55	11
Feb ’24	HK$6.00	HK$6.29 +4.9%	23.2%	HK$9.67	HK$4.82	HK$2.29	11
Jan ’24	HK$5.71	HK$5.57 -2.4%	17.1%	HK$7.24	HK$3.93	HK$2.29	12
Dec ’23	HK$5.08	HK$5.47 +7.8%	17.9%	HK$7.16	HK$3.89	HK$2.86	12
Nov ’23	HK$4.34	HK$5.33 +22.8%	18.8%	HK$7.11	HK$3.86	HK$2.81	12

Analyst Forecast: Target price is less than 20% higher than the current share price.