reports
- Erdem Kaylı
TURKISH AVIATION - Passenger traffic growth strong in November
Passenger traffic growth strong in November The General Directorate of the State Airports Authority (DHMI) reported strong growth in passenger traffic in Nov-19, majorly supported by the robust international passenger traffic. Total passenger traffic in November 2019 moved up by 5.8% y-y (+3.5% y-y in October 2019) to 14.8m, boosted by international passenger traffic which jumped 17% y-y (+15% y-y in October) to 6.8m. Domestic passenger traffic however slipped by 2% y-y (-8% y-y in October) to...
- Erdem Kaylı
Pegasus Airlines (PGSUS TI) - Change in strategy delivers: Maintain Bu...
Pegasus’s 3Q19 NI surpassed our and RT consensus estimates on better operational performance and lower effective tax rate. EBITDA came in slightly higher than our estimate and 8% above the RT consensus estimate. Pegasus’s good 3Q19 result was supported by its successful strategy of focusing more on international flights. We expect earnings momentum to remain strong in 2020 as Pegasus has successfully shifted its capacity to international flights and balanced the operational currency mismatch. A...
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