大摩_中国机场航运的调研报告

In-DepthPleaseseeanalystcertificationandotherimportantdisclosuresstartingonpage56.Page1IndustryEquityResearchAsia/PacificMorganStanleydoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Thisreportshouldbeonlyasinglefactorinmakingtheirinvestmentdecision.IndustryOverviewAugust9,2004JimLam+85228488914Jim.Lam@morganstanley.comChinLim,CFA+6568346858Chin.Lim@morganstanley.comChineseAirports:RightPlace,RightTimeBESTIDEASBeijingCapitalInternationalAirport(0694.HK,HK$2.525)OverweightHainanMeilanAirport(0357.HK,HK$5.95)OverweightRECENTREPORTSBCIA:Super-hubPotential;InitiatewithOverweightJimLam,ChinLim9August,2004HMA:FreeOptionsonUpsideRisks;InitiatewithOverweightJimLam,ChinLim9