文档介绍：ment
Neutral
Heavy-Asset Businesses Have Low Return
(prior:Neutral)
Comparative study of BCIA and Tencent Holdings

During Jan 2005-Jan 2011, Beijing Capital International Airport’s (BCIA) China Merchants Securities (HK)
Yu Huangyan
total share price return is only 39%. We believe BCIA operates heavy assets.
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Tencent Holdings (), a pany which provides yuhuangyan@
value-added services and value-added services, has total share price
return of 4540% during Jan 2005-Jan 2011. Tencent Holdings is a typical 5 Jan 2011
light-pany. In this report, we try to study why the panies
HSI Index 23,668
have so different investment returns to their investors.
HSCEI Index 13,016

BCIA: a typical heavy-pany. At the end of 2009, BCIA’s total Sector information
assets were RMB 36,610 million. In 2009, BCIA’s revenue was RMB 4,970 %
million and profit was RMB 290 million. Accordingly, BCIA’s No. of listed stocks
Market cap(bn)
total assets turnover was only , and recurrent ROE was only 2%.
Sector performance
BCIA’s share price return is low. During Jan 2005-Jan 2011, BCIA’s total % 1m 6m 12m
share price return is only 39%. Absolute return
Relative return

  (%) HSCISV Index
Tencent Holdings: a typical light-pany. At the end of 2009, 30
Tencent Holdings’ total assets were RMB 17,510 million (including huge cas