TURKISH AVIATION - Passenger growth moderates in August
Airline passenger data for August 2019, released by The General Directorate of the State Airports Authority (DHMI), indicated moderate growth y-y, curbed by weak domestic passenger numbers.
Total passenger traffic was up by 1.4% y-y (vs -3% y-y in July) to 23.2m, boosted by international passenger traffic (+14% y-y vs +7% in July). However, domestic passenger declined by 14% y-y (-15% in July 2019).
The August 2019 airline passenger data indicates relatively better performance by Pegasus Airlines (BUY), in our view. Hence, in the short term, we expect market reaction to be slightly positive for Pegasus Airlines and neutral for Turkish Airlines (BUY) and TAV Airports Holdings (BUY).
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