Income stabilizes the aircraft's take-off and landing capacity to increase "cats" G Shanghai Airport

Last week I went to the G Shanghai airport for research.

At present, the main source of revenue for G Shanghai Airport is the aircraft's landing fee. The take-off and landing fees are collected according to the tonnage of the aircraft. Due to the cost control of the airlines, the tonnage of the aircraft has been reduced one after another, which has caused the increase in profits and the increase in revenue of the G Shanghai Airport to fail to increase in the same period in the first quarter. However, according to my understanding at G Shanghai Airport, the operating results in the second quarter should be better than the first quarter. I expect the performance of the semi-annual report to increase by 15% is possible. In addition, Pudong Airport's new terminal building and newly added runway will double its aircraft take-off and landing capacity, which will be realized in 2008.

As a high-quality company with a high degree of monopoly resources with a unique business, G Shanghai Airport has its uniqueness, that is, its income is mainly from international routes, accounting for more than 60% of total revenue. This is other airports. Does not have. I said that a company without a competitor is my favorite company.

In addition, G Shanghai Airport has a price of 13.6 yuan / share, I firmly believe that the risk of buying G Shanghai Airport is not big. As the eight-month exercise period is getting closer, the risk of stock price fluctuations at G Shanghai Airport will gradually decrease. I will continue to hold and increase the G Shanghai Airport. I firmly believe that I can see good results in the next 8 months.

The account I gave to G Shanghai Airport for the next three years is: 2006, 2007, 2008 profit forecast: 0.82 yuan / share, 0.96 yuan / share, 1.15 yuan / share, buy PE at current price are 2006 17 Times, 14.5 times in 2007 and 12 times in 2008. I think that the reasonable valuation of PE at G Shanghai Airport should be 30 times. Then I should earn 2.5 times in 2008. This is the result of quantifying G Airport.

These accounts are only calculated based on the natural growth of G Shanghai Airport's growth, and are not counted as the overall listing of G Shanghai Airport, the injection of freight assets into G Shanghai Airport and the transportation hub function of Hongqiao Airport in Shanghai. The overall profitability of G Shanghai Airport can be greatly improved.

For the stocks that can see the bottom of G Shanghai Airport, the investment method I use is “holding”, “cating” and “turtle policy”. The stock of G Shanghai Airport may not rise for a long time, but I firmly believe that G Shanghai Airport is a factor that has the driving force behind the continued rise in stocks. That is: income is stable and rising, investment is constant, and income can continue to increase. There is no need to rely on input to increase income, income is cash income, accounts receivable are small, the company's total profit is absolutely large, the company is “hard”, and the account is very easy to calculate. Such a company has the conditions for the stock price to continue to hit new highs. .

(The author is a senior investor, this article does not represent the opinion of this newspaper)

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