Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Wide-moat Grupo Aeroportuario del Sureste reported a second-quarter 2019 that featured an EPS beat and results that give us no reason to alter our thesis. Total revenue grew 4.7% year over year supported by aeronautical and non-aeronautical growth of 7.3% and 7.2%, respectively. Total passenger traffic grew by 6.9% year over year, with nearly 5% growth in Mexican passenger traffic (makes up 62% of Sureste’s total traffic). Mexican domestic traffic growth continues to outpace international volu...
Wide-moat Grupo Aeroportuario del Sureste reported a second-quarter 2019 that featured an EPS beat and results that give us no reason to alter our thesis. Total revenue grew 4.7% year over year supported by aeronautical and non-aeronautical growth of 7.3% and 7.2%, respectively. Total passenger traffic grew by 6.9% year over year, with nearly 5% growth in Mexican passenger traffic (makes up 62% of Sureste’s total traffic). Mexican domestic traffic growth continues to outpace international volu...
Following Mexican airport privatization in 1998, Sureste emerged with concessions to 12 airports located in the Southeast region of the country, and Cancun's airport served as its anchor location. Vacation and leisure travel underpin Cancun’s robust presence in Mexican travel markets, and the airport accounted for about half of Sureste’s total passenger traffic, but roughly 70% of total operator revenues. Thanks mostly to Cancun’s ability to draw international traffic, well above peers, an...
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 internati...
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 internati...
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 internati...
We’re reiterating our wide moat rating for Mexican airport operators and leaving our fair value estimates in place for Centro Norte and Pacifico, while raising Sureste’s fair value estimate per ADR to $197 from $192 (MXN 379 from MXN 368). Our fair value estimate for Sureste is higher on raised passenger traffic expectations in 2019 and 2020 following fourth-quarter results that outpaced our expectations. In each model we moved our flat growth period to 2021 and raised passenger growth in th...
Grupo Aeroportuario del Sureste's fourth-quarter results were mixed as international traffic disappointed, yet domestic activity was encouraging. We chose to raise our fair value estimate per ADR to $197 from $192 (to MXN 379 from MXN 368 for local shares) in light of higher-than-expected total passenger growth, though Mexico international volume disappointed. Our updated model still includes passenger growth tapering through the middle of our stage I forecast period, but we raised traffic growt...
Grupo Aeroportuario del Sureste's fourth-quarter results were mixed as international traffic disappointed, yet domestic activity was encouraging. We chose to raise our fair value estimate per ADR to $197 from $192 (to MXN 379 from MXN 368 for local shares) in light of higher-than-expected total passenger growth, though Mexico international volume disappointed. Our updated model still includes passenger growth tapering through the middle of our stage I forecast period, but we raised traffic growt...
We’re reiterating our wide moat rating for Mexican airport operators and leaving our fair value estimates in place for Centro Norte and Pacifico, while raising Sureste’s fair value estimate per ADR to $197 from $192 (MXN 379 from MXN 368). Our fair value estimate for Sureste is higher on raised passenger traffic expectations in 2019 and 2020 following fourth-quarter results that outpaced our expectations. In each model we moved our flat growth period to 2021 and raised passenger growth in th...
Grupo Aeroportuario del Sureste's fourth-quarter results were mixed as international traffic disappointed, yet domestic activity was encouraging. We chose to raise our fair value estimate per ADR to $197 from $192 (to MXN 379 from MXN 368 for local shares) in light of higher-than-expected total passenger growth, though Mexico international volume disappointed. Our updated model still includes passenger growth tapering through the middle of our stage I forecast period, but we raised traffic growt...
Grupo Aeroportuario del Sureste holds approximately one fourth of Mexican air-passenger market share, and total passengers transported in 2017 increased 9% to more than 31 million. Cancun is a popular tourist destination, and functions as the primary revenue driver for the company. With increased international passengers and commercial offerings at Cancun, commercial revenue per passenger for Sureste is higher than at its Mexican competitors.According to Sureste's government-granted concession, ...
In a nonbinding referendum that was run by Andrés Manuel López Obrador’s MORENA political party, Mexicans have voted to scrap a new $14 billion Mexico City airport that was slated to begin operations in late 2020. Specifically, citizens who participated voted to recondition the existing Mexico City airport and build two additional runways at the Santa Lucia air base. Given the high profile nature of the airport project--it was a flagship infrastructure program for the PRI (Institutional Revo...
In a nonbinding referendum that was run by Andrés Manuel López Obrador’s MORENA political party, Mexicans have voted to scrap a new $14 billion Mexico City airport that was slated to begin operations in late 2020. Specifically, citizens who participated voted to recondition the existing Mexico City airport and build two additional runways at the Santa Lucia air base. Given the high profile nature of the airport project--it was a flagship infrastructure program for the PRI (Institutional Revo...
In a nonbinding referendum that was run by Andrés Manuel López Obrador’s MORENA political party, Mexicans have voted to scrap a new $14 billion Mexico City airport that was slated to begin operations in late 2020. Specifically, citizens who participated voted to recondition the existing Mexico City airport and build two additional runways at the Santa Lucia air base. Given the high profile nature of the airport project--it was a flagship infrastructure program for the PRI (Institutional Revo...
In a nonbinding referendum that was run by Andrés Manuel López Obrador’s MORENA political party, Mexicans have voted to scrap a new $14 billion Mexico City airport that was slated to begin operations in late 2020. Specifically, citizens who participated voted to recondition the existing Mexico City airport and build two additional runways at the Santa Lucia air base. Given the high profile nature of the airport project--it was a flagship infrastructure program for the PRI (Institutional Revo...
We’re raising our fair value estimate for wide-moat Grupo Aeroportuario del Sureste to $205 from $194 for ADR shares, and to MXN 396 from MXN 367 for local shares. Our updated fair value estimate reflects Sureste’s increased traffic at San Juan and Colombian airports, adjustments for the time value of money, and a revised spot rate for the Mexican peso, which has depreciated lately. After shares traded off by more than 3% on Oct. 23, Sureste remains fairly valued with a price/fair value for...
We’re raising our fair value estimate for wide-moat Grupo Aeroportuario del Sureste to $205 from $194 for ADR shares, and to MXN 396 from MXN 367 for local shares. Our updated fair value estimate reflects Sureste’s increased traffic at San Juan and Colombian airports, adjustments for the time value of money, and a revised spot rate for the Mexican peso, which has depreciated lately. After shares traded off by more than 3% on Oct. 23, Sureste remains fairly valued with a risk-adjusted price/...
We’re raising our fair value estimate for wide-moat Grupo Aeroportuario del Sureste to $205 from $194 for ADR shares, and to MXN 396 from MXN 367 for local shares. Our updated fair value estimate reflects Sureste’s increased traffic at San Juan and Colombian airports, adjustments for the time value of money, and a revised spot rate for the Mexican peso, which has depreciated lately. After shares traded off by more than 3% on Oct. 23, Sureste remains fairly valued with a risk-adjusted price/...
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