The Shanghai airport board fell by the daily limit. As of press time, the daily limit of sealing up to 450,000 hands of the huge, has been a transaction amount of 450 million yuan.
News, last week, China International Duty Free and Shanghai Airport announced at the same time, the two sides signed a supplementary agreement on duty-free shop rent, according to the agreement, China International Duty Free last year to the Shanghai Airport to pay a 70 percent reduction in rent.
At the same time, the company announced the performance of 2020 Express, is expected to realize the net returns to the mother of -1.29 to -1.21 billion yuan, deduction of non-mother of net profits for -1.41 to -1.33 billion yuan.
On July 19, 2018, Rishang Duty Free Bank (Shanghai) Co., Ltd., a subsidiary of China International Duty Free Holding Company, was selected as the duty-free shop project in Shanghai Pudong International Airport, and the two parties signed the contract of operation right transfer of duty-free shop on September 7 of the same year.
In 2020, due to the impact of public health emergencies and other factors, the duty-free business of Shanghai airport suffered a great impact. After negotiation, Japan Shanghai and Shanghai airport agreed to revise the original contract, and agreed to sign the “Supplementary Agreement on the Transfer of Management Rights of Shanghai Pudong International Airport Duty Free Shop Project”.
Supplementary agreement according to the actual international passenger flow during the month or less monthly actual international passenger traffic by 80% in 2019, “month paid in fees” collected according to the actual sales “” month” in the actual commission “according to the” per capita contribution “, “on the actual international passenger flow”, and “adjustment coefficient” passenger flow into, such as “area of adjustment coefficient” adjustment index.
Guotai Junan believes that the duty-free contract adjustment is lower than expected, reduced 2020-22 EPS forecast to -0.63/0.05/1.60 (the original 0.29/0.91/2.52). Hainan’s outlying islands and online channels have reduced the expectation of the value of duty-free channels at the airport, and the bargaining power of the airport has weakened. Future T3 expansions will reduce long-term ROE.
China merchants securities believes that resulted in a significant decline in revenue in 2020, depreciation and artificial satellite hall, operations, epidemic prevention, such as cost shows the characteristics of rigid, and tax-free income a significant decline, so profitability is large, but still optimistic about the long-term Shanghai airport traffic realizable value, and T3 terminal building for the future growth of the open space. Based on the results of this negotiation, the profit forecast is lowered, and the net profit attributable to the parent is expected to be -1.25/14.1/3.34 billion yuan in 2020-2022.
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Reprint indicated source：Shine Trader Limited Live information