Equity Analysis /
Mexico

ASUR: Flash: March passengers growth accelerates

  • Total passengers recorded a 61.9% y/y growth, representing a 15.6% increase vs. the same month of 2019

  • Asur’s passengers accounted a better than expected performance, highlighting Mexico and Colombia operations

  • We will be following up the 1Q22 report which will be released on Monday, April 15, after the market closes

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 April 2022
Published by

In March, Asur's total passengers registered an annual increase of 61.9% — including the 9 airports it operates in Mexico, the International Luis Muñoz Marin of San Juan Airport in Puerto Rico (LMM) and the 6 airports in Colombia (Airplan)—, above pre-pandemic levels, since it is equivalent to an increase of 15.6% vs. the same month of 2019, reflecting a positive demand dynamic. In this way, domestic passengers recorded a 35.6% y/y growth and international passengers 125.2%. Meanwhile, traffic from the 9 airports it operates in Mexico increased 69.9% y/y, accounting for 109.3% of March 2019 passengers, beating our 104.0% estimate. On the other hand, passengers at LMM Airport recorded 111.8% in 2019 and those from Colombia 141.0% of what was registered in 2019.

Positive implication: Asur's passengers recorded a better-than-expected performance, highlighting Mexico and Colombia operations, that support the expectation of strong demand going forward. We consider that the outlook remains favorable for the group, despite current challenges. In the meantime, we shall follow up the 1Q22 report that will be released next Monday, April 25, after the market closes, where we expect the significant growth to continue.