Sureste Looks to Capitalize on Resilient Mexican Air Travel Market
We plan to maintain our $197 fair value estimate for Sureste’s ADRs (MXN 379 for local shares) after the Mexican operator delivered first-quarter results. Sureste’s Mexican passenger traffic nearly mirrored Centro Norte traffic volume during the first three months of 2019, with mid-single-digit domestic passenger growth outpacing international volumes by about 3 percentage points. Domestic and international passenger growth lagged the run rate we assign to 2019 due to underwhelming international...Grupo Aeroportuario del Sureste holds concessions to operate, maintain and develop nine airports in the southeast region of Mexico. As operators of these airports, Co. charges airlines, passengers and other users fees for the use of the airports' facilities. Co. also derives rental and other income from commercial activities conducted at its airports, such as the leasing of space to restaurants and retailers. Co.'s concessions include the concession for Cancun International Airport, the airports in Cozumel, Huatulco, Merida, Minatitlan, Oaxaca, Tapachula, Veracruz and Villahermosa.
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