Shanghai airport today again a word down, is in 2015 when the stock market crash did not appear such a tragic decline. As of midday closing, Shanghai Airport closed at 63.99 yuan, with 83,100 shares traded, but the stop at the sealed single still has up to 82.66 million shares.
Shanghai Airport’s plunge originated from 2 announcements a few days ago. Last weekend Shanghai Airport announced that it expects to achieve a net profit of 1.29 billion yuan – 1.21 billion yuan in fiscal 2020.
It also disclosed the result of the final game with China CDFG (601888, China) – “Announcement on the Signing of Supplementary Agreement on the Contract for the Transfer of Operation Rights of Duty Free Shop Project”, in which the two parties signed a supplementary agreement on duty free store rent, the main terms of which include, when the actual monthly international passenger flow ≤ 2019 monthly average actual international When the monthly actual international passenger flow is less than 80% of the average monthly actual international passenger flow in 2019, the “monthly actual fee” will be charged in accordance with the “monthly actual sales commission”.
In layman’s terms, this is to change the previous agreement of “guaranteed bottom and uncapped top” for duty free sales commission to “unguaranteed bottom and capped top”, which is basically the bottom of the original contract agreement. According to Shanghai Airport’s 2020 interim report, its aviation revenue only accounted for 34.01% of total revenue, while non-aeronautical revenue accounted for 65.99%. The newly revised agreement adds another variable to Shanghai Airport’s future performance.
In addition, the recurrence of the Epidemic and the call for governments at all levels to spend the New Year in place also put pressure on air transport stocks. According to Wind data, on January 28, 29 and 30, 2021, the daily passenger traffic of national civil aviation was 523,000, 492,000 and 488,000 respectively in the first three days of Spring Festival, down 72.1%, 73.2% and 73.8% respectively year-on-year. It may be difficult to see a concentrated travel peak in civil aviation during the Spring Festival. Wu Chungong, spokesman for the Ministry of Transport, said recently in a regular press conference in January that about 1.152 billion passengers will be sent during this year’s national Spring Festival, which is expected to drop by more than 60% compared with 2019 and more than 20% compared with 2020.
In the Shanghai airport plunge and the most important spring season or less than expected impact, HNA Holdings (600221, clinic shares), Baiyun Airport (600004, clinic shares), Shenzhen Airport (000089, clinic shares), Lucky Air (603885, clinic shares) and other transport services-related stocks have fallen today.
59 funds “step on the mines”
It is worth noting that Shanghai Airport is an institutional long position, Wind data shows that as of December 31, 2020, a total of 59 fund products of 27 fund companies hold Shanghai Airport stocks, holding a total of 48.87 million shares.
Among them, Zhang Kun’s E-Fangda Small and Mid Cap Hybrid Securities Investment Fund bought the most shares of Shanghai Airport, holding 21.801 million shares.
Next is Huitianfu Fund and Guangfa Fund, the products of the two fund companies also hold more than 10 million shares of Shanghai Airport in total.
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