Domestic pax is strengthening, with positive forward indications from domestic carriers. Timing of recovery of the more valuable international pax is uncertain. Forecast changes and valuation roll-forward lift our 12 month Target Price by 17 cps to $7.03ps. ADD retained, given 12 month potential TSR of c.17% and 5yr IRR of c.9% pa. In the next 12 months we expect line-of-sight to re-commencement of distributions, benefitting the share price as income-oriented investors return to the stock.
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