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1st Take: New Contract on T2 Commercial

  • 机构: 摩根士丹利
  • 研究员: Qianlei Fan,Edward H Xu,JunYi Yu,Grace Li
  • 日期: 2019-09-15

白云机场(600004)

What's new: GBIA announced a new rental contract on T2 commercial project,'Cloud Selecting' on Sep 20, 2017.

Highlights:

Total contract area: 2465 sqm, with 32 shops;

Total payment = rental fee + revenue sharing + others (management fee,utility fee, IT service fee, etc.)

Rental fee: Rmb300/month/sqm; Revenue sharing: 20%, minimumpayment Rmb2435/sqm/month. A 6% annual hike will be applied to theminimum payment.

Contract period: 6 years, Feb 2018 - Jan 2024.

Our takes - positive.

This new contract will contribute Rmb76m and Rmb87m revenue for GBIAin 2018 and 2019, respectively, we estimate.

The minimum payment Rmb2.7k/sqm/month is 37% above our assumptionRmb2k/sqm/month for all T2 rentals in 2018. This new contract itself willlead to ~1% increase to our earnings forecast for 2018 and 2019,respectively.

The total area of 'Cloud Selecting' accounts for 8% and 7% of total T2commercial area in 2018 and 2019, respectively, we estimate.

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白云机场
600004.SH
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2019-08-08 15:00:00
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