Equity Analysis /
Mexico

ASUR: Surprises favorably, supported by strong international traffic performance

  • Total passengers during September registered a 25.5% y/y growth, driven by international segment (36% y/y)

  • Mexico’s passengers rose by 31.7%, well-above our 23.0% estimate, registering greater dynamism

  • We reiterate it as our sector’s favorite, and we’ll be attentive to the 3Q22 report, released on October 24th

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

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Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

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Banorte
6 October 2022
Published byBanorte

Asur’s total passengers during September registered a 25.2% y/y growth, driven by a remaining strong demand, mainly in the international segment, which showed the highest growth of 36.0% y/y, followed by the domestic segment with a 20.5% y/y increase. It is worth noting that total number of passengers of the 9 airports operating in Mexico increased by 31.7% y/y, well-above our 23.0% estimate.

Positive implication: Asur’s passengers registered greater dynamism vs. previous months, highlighting this month operations in Mexico, which were partially offset by the drop in Puerto Rico.This reiterates it as our sector’s favorite, given the positive and resilient performance shown in the current scenario, which will be reflected in solid results growth for this year, alongside its healthy financial position and attractive valuation (current FV/EBITDA of 9.9xvs10.5xnationalsector’saverage).Wewillbeattentivetothe3Q22report to be released next Monday, October 24th, after the market closes, where we expect to continue the relevant advances in figures.