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AIRPORTS: Passenger growth accelerates

Passenger traffic in Asur rose 28.4%, in Gap 24.9% and in Oma 27.4% given a strong demand and an easy comparative base. Asur achieved the greatest annual advances mostly in the international segment, followed by Oma’s boost in domestic. We reaffirm t...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 9 September 2022

ASUR: Flash: Once again, the highest growth rates support the company as a favorite

Asur, once again stood out with the largest increases in the sector, with a total traffic 28.4% y/y growth in August. The traffic of the 9 airports operating in Mexico grew 32.7% y/y, exceeding our 24.0% estimate. We reiterate it as our favorite in t...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 September 2022

Grupo Aeroportuario Centro Norte: Flash: Greater boost in domestic traffic in August

Oma reported a 27.4% y/y increase in total traffic in August, slightly above the expected 25.0%. Domestic part stood out with a solid 31.0% y/y increase, while international part showed a moderate 3.2% y/y advance. Strong demand supports our positive...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 September 2022

Grupo Aeroportuario del Pacifico: Flash: Reaffirms the expectation of continued growth in demand

In August, Gap reported a 24.9% y/y increase in passenger traffic, reaffirming the expectation of continued growth. In Mexico, the total traffic at Mexico’s 12 airports was 22.0%, in line with our 21.0% estimate. We believe the valuation already refl...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 September 2022

Volaris: Solid progress in passengers and sequential decline in fuel costs continues

In August, Volar recorded a solid 20.1% y/y increase in traffic passenger, bringing the load factor to 84.9% (+0.1pp). Fuel costs surged 73.2% y/y, which will continue to be the key attention, although with a m/m downward trend. The long-term positiv...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 September 2022

Grupo Mexico: Flash: Agreement reached to acquire Planigrupo

GMexico reached an agreement to acquire the real estate company Planigrupo for MXN ~4.7 billion through a takeover bid. Planigrupo is a company focused on shopping malls with 47 years of experience that owns 36 properties in Mexico. Neutral implicati...
Banorte Marissa
Marissa Garza Ostos @ Banorte 8 September 2022