TURKISH AVIATION - Modest passenger growth in September
The General Directorate of the State Airports Authority (DHMI) reported modest air passenger figures for September 2019, curbed by weak domestic passenger numbers.
Total passenger traffic was up by 2.8% y-y (vs. -1.4% y-y in August) to 21.3m, boosted by international passenger traffic. Accordingly, domestic passengers declined by 11% y-y (-14% in August 2019) to 8.7m while international passenger traffic was up by 16% y-y (+15% in August) to 12.6m in September 2019.
We believe that airports data for September indicates relatively healthy performance. Hence, we expect market reaction to be marginally positive for aviation stocks like Turkish Airlines, Pegasus and TAV Airports.
TAV Havalimanlari Holding is involved in the businesses related to the construction of terminal buildings, management and operation of terminals or airports. As of Dec 31 2015, Co.'s reportable segments include: terminal operations, which is involved in operating terminal buildings, the car park and the general aviation terminal; catering operations, which manages food and beverage operations of the terminal; duty free operations, which is involved in the sales of duty free goods; ground handling and bus operations, which provides traffic, ramp, flight operation, cargo and all other ground handling services for domestic and international flights; and other, which provides lounge services.
Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
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