Shanghai Intl Airport (600009)

Equity Research 20 August 2026 | 8:45AM HKT

Shanghai Intl Airport (600009.SS) 2Q26 results in-line; lower-than-expected commission from DFS sales amid renovation, offset by higher aviation fuel income; Sell

600009.SS 12m Price Target: Rmb22.00 Price: Rmb22.95 Downside: 4.1% SELL Herbert Lu | Goldman Sachs (Asia) L.L.C.

Simon Cheung, CFA | Goldman Sachs (Asia) L.L.C.

Shanghai Int’l Airport (SIAC, 600009.SS, Sell) reported 1H26 net Wing Huang | profit of Rmb1.2bn (+16.5% YoY). Implied 2Q26 reported net Goldman Sachs (Asia) L.L.C.

profit was Rmb638mn (+21.5% YoY), while excluding one-off items (subsidies, gain from change in fair value etc.), recurring net profit in Key Data _____________________________________ Market cap: Rmb57.1bn / $8.5bn 2Q26 was Rmb568mn (+11% YoY), largely in line with our Enterprise value: Rmb60.6bn / $9.0bn estimate. Key highlights from these results are the DFS business: 1) 3m ADTV: Rmb314.8mn / $46.5mn China SIAC’s DFS rental revenue was Rmb253mn in 2Q26 and was Asia Transportation M&A Rank: 3 +44%/-11% QoQ/YoY, and we attribute the QoQ improvement to Leases incl. in net debt & EV?: Yes new stores ramp-up by CTGDF Shanghai DFS (at Hongqiao + Pudong GS Forecast __________________________________ T2+S2) in 2Q26. 2) CTGDF DFS contributed Rmb269mn DFS rental 12/25 12/26E 12/27E 12/28E Revenue (Rmb mn) New 13,051.3 13,360.3 14,243.9 15,917.6 revenue in 1H26, and we estimate that Rmb220mn was from fixed Revenue (Rmb mn) Old 13,051.3 13,738.3 14,223.0 15,970.1

rental fees, and Rmb49mn from commission for DFS sales, while EBITDA (Rmb mn) EPS (Rmb) New 5,592.0 0.85 5,660.4 1.11 6,393.9 1.18 7,685.2 0.83 Dufry DFS (at Pudong T1 + S1) has not contributed commission from EPS (Rmb) Old P/E (X) DFS sales beyond Rmb160mn fixed rental fees given its DFS was still P/B (X) 1.9 1.3 1.3 1.2 under renovation. 3) A deeper loss from Sunrise (due to the loss of Dividend yield (%) 1.5 2.7 2.8 2.0 CROCI (%) 8.6 5.9 5.0 3.7 concession for DFS in Shanghai airports from 2026) and loss of Rmb61mn from the JV with CTGDF on DFS operation. 3/26 6/26 9/26E 12/26E EPS (Rmb)

n Passenger traffic: In 1H26, SIAC passenger traffic outpaced the GS Factor Profile ______________________________ Growth industry with +3.1% YoY (vs. +1.0% for the industry), where domestic/outbound traffic were up +2.5%/+4.6% YoY Financial Returns

respectively. 2Q26 pax traffic YoY growth deteriorated to +0.3% Multiple

YoY (vs. -4% for the industry) from +6.1% YoY in 1Q26, weighed Integrated

by high ticket prices attributable to fuel surcharges. That said, traffic has improved in July-26, where SIAC pax traffic was +7% Percentile 20th 40th 60th 80th 100th

YoY (domestic/outbound +9%/+2% YoY). As highlighted in our 600009.SS relative to Asia ex. Japan Coverage

previous report (Aug-26), summer (Jul-Aug 26) passenger traffic 600009.SS relative to Asia Transportation

has been better than market expectation and is tracking at Source: Company data, Goldman Sachs Research estimates. See disclosures for details. +4.3% YoY. We expect the growth can continue the upward

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Shanghai Intl Airport (600009.SS)

Shanghai Intl Airport (600009.SS) Income Statement (Rmb mn) ________________________________ SELL Rating since Nov 15, 2023 12/25 12/26E 12/27E 12/28E Total revenue 13,051.3 13,360.3 14,243.9 15,917.6 Cost of goods sold (9,674.1) (9,896.7) (9,975.7) (11,568.2) SG&A ( ) Ratios & Valuation __________________________________________ R&D /25 12/26E 12/27E 12/28E Other operating inc./(exp.) -- -- -- -- P/E (X) EBITDA 5,592.0 5,660.4 6,393.9 7,685.2 P/B (X) 1.9 1.3 1.3 1.2 Depreciation & amortization (2,973.0) (2,973.0) (2,953.3) (4,260.5) FCF yield (%)…