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ASUR: Flash ASUR: International passengers fueled traffic in May

  • Asur reported May’s total passenger traffic with a 2,124.2% y/y jump (+14.7% m/m), equivalent to 86.9%, vs May 2019
  • The annual growth in domestic passengers was 1,480.6% y/y, and the rise in international passengers was 12,058.9%
  • We remain optimistic on the recovery outlook, which incorporates solid increases in the company's results for the year

Asur reported total passenger traffic for May with a 2,124.2% y/y jump (+14.7% m/m), — Including the 9 airports it operates in Mexico, the Luis Muñoz Marín International Airport in San Juan, Puerto Rico (LMM) and the 6 airports in Colombia (Airplan)—, equivalent to 86.9%, compared to the same month of 2019. This was due to a very simple comparative base and improved demand behavior. Thus, the annual growth in domestic passengers was 1,480.6% y/y, and the rise in international passengers was 12,058.9%. Traffic at the 9 airports it operates in Mexico increased 2,455.6%, representing 86.8% of passengers in May 2019, above our estimate of around 80.0%. Meanwhile, LMM Airport passengers were 115.4% vs. 2019, while Colombia's passengers reached 63.7% of 2019 figures.

Positive implication: In May, Asur's passenger traffic continued to grow in the three countries where it operates, highlighting the operations in Mexico and San Juan, Puerto Rico. We see it as positive that the recovery is taking place even faster than expected, therefore, despite the downgrading of Mexican aviation, we believe that it will continue to be important to monitor the evolution of restrictive measures in other countries - particularly from the US, which is our main tourist supplier-, which could decrease relatively soon due to the more accelerated progress in vaccination, thus favoring a better performance in the international part of the group. Thus, we remain optimistic about the recovery outlook, which incorporates solid increases in the company's results for the year.


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