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SCMP Reporter

SELL

Beijing Capital Int Airport

Closing price: $2.90

Target price: NA

Share price performance (%)

1wk: 4.50

3mths:28.88

1mth:26.08

1yr:73.65

BOCI's sources suggest the firm will have to cover 78 per cent, or 13 billion yuan (HK$12.07 billion), of total investment for Beijing Airport Phase III expansion, contrary to widespread belief that the parent would provide most of the financing, analyst Michael Chan says. Expansion will provide no earnings contribution until 2008.   The stock was trading near historic highs at 19.5 times 2004 earnings  and was likely to peak at current levels, he   said, downgrading  it to 'underperform'.

BOC International



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Bankers’ summit to ‘anchor’ Hong Kong’s second-half events calendar on popular demand

Bank of China (BOC)

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