Airport terminal retail market – Taking off on an "increasingly favorable runway"
• The retail model at airport terminals is a commercial framework targeting goods and services for passengers before, during, and after check-in at airports. This distinct retail segment is typically overseen by specialized firms or public-private partnerships (e.g., SASCO in Vietnam). Site allocations require competitive bidding with airports, with revenue-sharing ground fees imposing greater cost pressures than the prior fixed-fee model.• As customers are deemed potential only upon airport arrival, the airport terminal retail model's prospects hinge entirely on the growth of "international & domestic" air travel, which holds substantial long-term potential.
• AST and SAS emerge as the most promising stocks in the airport terminal retail sector, capitalizing on dual advantages from the expanding air travel market and robust internal resources honed over years of operation, trading at a compelling valuation (EV/EBITDA 9-11x). We will refine the thesis and investment recommendations for related stocks in upcoming reports.
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