Equity Analysis /
Mexico

Grupo Aeroportuario del Pacifico: Flash GAP: Higher than expected recovery in passengers in May

  • Gap posted a 904.2% y/y growth in total May passengers (+14.2% m/m), representing 93.6% of May 2019 figure

  • Total passengers at the 12 airports in Mexico showed an 842.4% y/y rise, equivalent to 95.4% of May 2019, above 88.0%e

  • We reiterate the favorable outlook despite Mexican aviation downgrade which we expect to have a moderate impact on Gap

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Banorte
7 June 2021
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