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....
Grupo Aeroportuario del Pacifico operates 12 airports near the Pacific coastline in Mexico and a set of Jamaican airports after its recent purchase of Jamaica’s concessionaire. We contend it boasts the most balanced travel network among the Mexican airport operators, capitalizing on robust domestic demand in Guadalajara, Mexico’s second-largest metro area, and Tijuana, which boasts high exposure to international tourist traffic. Owning and operating one of the five busiest airports in Mexico...
We were encouraged by passenger volume and nonaeronautical results from Grupo Aeroportuario del Pacifico in the first quarter; thus, we plan to retain our wide moat rating and fair value estimate of $109 per ADR (MXN 206 per local share). On 5% systemwide passenger growth over the previous year, Pacifico earned nonaeronautical revenue of MXN 901 million, a 20% year-on-year improvement. Pacifico’s Mexican airports made solid commercial revenue contributions on newly opened commercial space at ...
Grupo Aeroportuario del Pacifico operates 12 airports near the Pacific coastline in Mexico and a set of Jamaican airports after its recent purchase of Jamaica’s concessionaire. We contend it boasts the most balanced travel network among the Mexican airport operators, capitalizing on robust domestic demand in Guadalajara, Mexico’s second-largest metro area, and Tijuana, which boasts high exposure to international tourist traffic. Owning and operating one of the five busiest airports in Mexico...
We were encouraged by passenger volume and nonaeronautical results from Grupo Aeroportuario del Pacifico in the first quarter; thus, we plan to retain our wide moat rating and fair value estimate of $109 per ADR (MXN 206 per local share). On 5% systemwide passenger growth over the previous year, Pacifico earned nonaeronautical revenue of MXN 901 million, a 20% year-on-year improvement. Pacifico’s Mexican airports made solid commercial revenue contributions on newly opened commercial space at ...
We are maintaining our fair value estimate for ADRs at $109 but lowering our fair value estimate for local shares to MXN 206 from MXN 210 following Grupo Aeroportuario del Pacifico’s 2019 investor day and after the peso rallied against the dollar (MXN 19.20 to 18.90) following our last update. After taking in management’s latest 2019 guidance and observing early passenger traffic results, we raised annual traffic growth in our model above 6.5%, from slightly below 6%, and concurrently lowere...
We are maintaining our fair value estimate for ADRs at $109 but lowering our fair value estimate for local shares to MXN 206 from MXN 210 following Grupo Aeroportuario del Pacifico’s 2019 investor day and after the peso rallied against the dollar (MXN 19.20 to 18.90) following our last update. After taking in management’s latest 2019 guidance and observing early passenger traffic results, we raised annual traffic growth in our model above 6.5%, from slightly below 6%, and concurrently lowere...
We are maintaining our fair value estimate for ADRs at $109 but lowering our fair value estimate for local shares to MXN 206 from MXN 210 following Grupo Aeroportuario del Pacifico’s 2019 investor day and after the peso rallied against the dollar (MXN 19.20 to 18.90) following our last update. After taking in management’s latest 2019 guidance and observing early passenger traffic results, we raised annual traffic growth in our model above 6.5%, from slightly below 6%, and concurrently lowere...
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...
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 Pacifico operates 12 airports near the Pacific coastline in Mexico and a set of Jamaican airports after its recent purchase of Jamaica’s concessionaire. We contend it boasts the most balanced travel network among the Mexican airport operators, capitalizing on robust domestic demand in Guadalajara, Mexico’s second-largest metro area, and Tijuana, which boasts high exposure to international tourist traffic. Owning and operating one of the five busiest airports in Mexico...
We’re reiterating our fair value estimate of $109 per ADR (MXN 210 per local share) following no-moat Pacifico’s fourth-quarter earnings release. Total passenger traffic growth in the final quarter of 2018 (9%) lagged the increase during the same period last year (10%) mostly due to international traffic growth (approximately 7.5%) that fell below last year’s 9% mark. Nevertheless, Pacifico harvested stronger nonaeronautical and aeronautical revenue growth in the final quarter this year a...
Out of three publicly traded Mexican airport operators, Pacifico holds the largest percentage market share at 26% (23% for Sureste and 15% for Centro Norte). Growth remains strong as airlines are expanding fleets and opening routes. Unique routes served by Pacifico have grown at a roughly 6% on average over the past five years, and we expect this trend to continue. In the past, few direct routes were offered to passengers because Mexico City served as the connector between airports. However, enh...
We’re reiterating our fair value estimate of $109 per ADR (MXN 210 per local share) following no-moat Pacifico’s fourth-quarter earnings release. Total passenger traffic growth in the final quarter of 2018 (9%) lagged the increase during the same period last year (10%) mostly due to international traffic growth (approximately 7.5%) that fell below last year’s 9% mark. Nevertheless, Pacifico harvested stronger nonaeronautical and aeronautical revenue growth in the final quarter this year a...
We’re reiterating our fair value estimate of $109 per ADR (MXN 210 per local share) following no-moat Pacifico’s fourth-quarter earnings release. Total passenger traffic growth in the final quarter of 2018 (9%) lagged the increase during the same period last year (10%) mostly due to international traffic growth (approximately 7.5%) that fell below last year’s 9% mark. Nevertheless, Pacifico harvested stronger nonaeronautical and aeronautical revenue growth in the final quarter this year a...
Out of three publicly traded Mexican airport operators, Pacifico holds the largest percentage market share at 26% (23% for Sureste and 15% for Centro Norte). Growth remains strong as airlines are expanding fleets and opening routes. Unique routes served by Pacifico have grown at a roughly 6% on average over the past five years, and we expect this trend to continue. In the past, few direct routes were offered to passengers because Mexico City served as the connector between airports. However, enh...
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...
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