Hainan Airport Infrastructure Co (600515) Fair Value & Analysis

Real Estate · CN · Market cap 33.0B CNY

Below-average quality, and screening another 89% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥0.4100). The favourable scenario is already priced in.
• Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
• As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

60‑month range ¥2.69 – ¥12.91 · fair‑value band ¥0.2400 – ¥0.4100 · the ¥2.89 price screens above the ¥0.3300 fair value. Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

Hainan Airport Infrastructure Co (600515) currently trades at ¥2.89, while our model-based Fair Value estimate is ¥0.3300, implying the stock looks roughly 88.6% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Hainan Airport Infrastructure Co generated revenue of 5.1B CNY at a net margin of 4.6%. Revenue grew 59.9% year over year. It earns a return on equity of 0.9%. Net debt stands at 15.5B CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥0.2400 (bear case) to ¥0.4100 (bull case); at ¥2.89, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 51% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -29% fair-value upside, at -89%, 600515 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Asset-Based (¥1.38) versus Multiples (¥0.3300). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Hainan Airport Infrastructure Co., Ltd engages in the airport management business in China. The company is involved in aeronautical airport management, including take-off and landing, parking, passenger bridge, and passenger and security checks, as well as non-aeronautical airport management comprising ground services, duty-free commerce, taxable commerce, …

Full company description

Hainan Airport Infrastructure Co., Ltd engages in the airport management business in China. The company is involved in aeronautical airport management, including take-off and landing, parking, passenger bridge, and passenger and security checks, as well as non-aeronautical airport management comprising ground services, duty-free commerce, taxable commerce, advertising, cargo, office leasing, and check-in counter rentals. It also engages in the management and operation of commercial real estate properties; ownership and management of hotels; catering services; asset management; and property management. The company was formerly known as HNA Infrastructure Investment Group Co., LTD and changed its name to Hainan Airport Infrastructure Co., Ltd in January 2022. Hainan Airport Infrastructure Co., Ltd was founded in 1993 and is headquartered in Haikou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hainan Airport Infrastructure Co reported revenue of ¥4.4B in FY2025 versus ¥4.5B in FY2021, a compound −0.6%/yr. Reported net income was ¥219M in FY2025, compounding −17.1%/yr from FY2021.

600515 screens 89% overvalued. Compare with Swiss Prime Site AG →

Peer Group

Real Estate - Diversified · 138 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.