Group 1 - Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) has filed its annual report on Form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - ASUR has published its 2024 Sustainability Report, detailing the company's environmental, social, and governance performance [1] - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia, with Cancun Airport being the most significant tourist destination in Mexico [3] Group 2 - ASUR is a 60% joint venture partner in Aerostar Airport Holdings, LLC, which operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico [3] - The company is listed on both the Mexican Bolsa under the symbol ASUR and on the NYSE under the symbol ASR, with one ADS representing ten series B shares [3] - Investors can access ASUR's 2024 Form 20-F and Sustainability Report on its Investor Relations website [2]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.5 million in March 2025, marking a year-over-year increase of 1.2% compared to March 2024 [1][2][4] Passenger Traffic Summary - Passenger traffic increased by 13.7% in Puerto Rico, 3.1% in Colombia, while it decreased by 3.0% in Mexico [2][4] - In Puerto Rico, international traffic rose by 12.0% and domestic traffic by 13.8% [2][4] - Colombia experienced an 8.4% increase in international traffic and a 1.6% increase in domestic traffic [2][4] - Mexico saw a 5.7% decrease in international traffic, which was partially offset by a 1.1% increase in domestic traffic [2][4] Detailed Traffic Figures - For March 2025, Mexico's total passenger traffic was 3,902,720, down 3.0% from 4,024,853 in March 2024 [4][6] - Domestic traffic in Mexico increased slightly by 1.1% to 1,593,163, while international traffic decreased by 5.7% to 2,309,557 [4][6] - In Puerto Rico, total passenger traffic reached 1,323,498, up 13.7% from 1,164,522 in March 2024 [4][6] - Colombia's total passenger traffic was 1,319,997, reflecting a 3.1% increase from 1,280,754 [4][6] Year-to-Date Performance - Year-to-date figures show a total of 10,945,137 passengers in Mexico, a decrease of 4.8% from 11,496,410 in the same period last year [4][6] - In Puerto Rico, year-to-date traffic increased by 10.6% to 3,608,582 from 3,261,896 [4][6] - Colombia's year-to-date traffic rose by 6.4% to 4,046,354 from 3,804,230 [4][6] Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [7] - The company is a significant player in the airport sector, particularly with its operations at Cancun Airport, a major tourist destination [7] - ASUR is also a 60% joint venture partner in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico [7]

Group 1: Stock Performance - Grupo Aeroportuario del Sureste (ASR) shares increased by 10.6% in the last trading session, closing at $285.93, following a period of 10.5% loss over the past four weeks [1] - The company has seen a year-to-date stock performance gain of 11% despite tariff-related tensions [2] Group 2: Earnings Expectations - ASR is expected to report quarterly earnings of $5.52 per share, reflecting an 11.1% year-over-year decline, while revenues are projected to be $462.64 million, up 5.6% from the previous year [3] - The consensus EPS estimate for ASR has been revised 1.1% higher over the last 30 days, indicating a positive trend that may lead to price appreciation [4] Group 3: Industry Context - Grupo Aeroportuario del Sureste operates within the Zacks Transportation - Services industry, where Matson (MATX) is another player, having closed 0.5% higher at $130.10, but with a -8.7% return in the past month [4] - Matson's consensus EPS estimate has increased by 73.7% over the past month to $2.64, representing a 153.9% change from the previous year [5]

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 increased by 19% year-on-year to MXN 7.4 billion, reflecting strong performance across all regions [11][12][22] - Net majority income for the year rose 33% year-on-year to MXN 13.6 billion, supported by resilient operational performance and a foreign exchange gain of MXN 2 billion [22][23] - Consolidated EBITDA increased by 23% year-on-year to over MXN 5 billion, with an adjusted EBITDA margin improving by 200 basis points to 69.7% [18] Business Line Data and Key Metrics Changes - Passenger traffic was flat year-on-year, down 0.3% at 17.7 million passengers for Q4, with full-year traffic at 71 million [5] - Colombia's revenue grew by 30%, while Mexico and Puerto Rico saw low teens growth, with Mexico accounting for 72% of total revenues [12][13] - Commercial revenues per passenger grew in the high single digits year-on-year, reaching MXN 130 in Q4 [15] Market Data and Key Metrics Changes - Colombia experienced mid-teens growth in passenger traffic, with international traffic up 29% and domestic traffic up 7% [6][7] - Puerto Rico's total traffic increased nearly 10%, supported by a strong growth in international traffic [7] - Mexico's performance remained soft, with an 8% decline in passenger traffic, affected by Pratt & Whitney engine restrictions and capacity constraints at Mexico City Airport [8][9] Company Strategy and Development Direction - The company aims to strengthen its airport network through strategic infrastructure investments to enhance passenger experience and expand commercial opportunities [22][23] - Expansion projects include the construction and expansion of Terminal 1 at Cancun Airport, expected to be completed by 2026, and Terminal 4 by 2028 [21] - The company is focused on recovering commercial opportunities lost due to capacity restrictions, particularly in Terminal 2 [29][46] Management's Comments on Operating Environment and Future Outlook - Management expects traffic trends to normalize in Q1 2025 towards sustainable levels, with improvements anticipated by the end of Q3 2025 regarding capacity restrictions [28][33] - The company acknowledges ongoing challenges from Pratt & Whitney engine issues but expects a gradual improvement in operations [27][93] - Management remains optimistic about the resilience of markets like Colombia and Puerto Rico, with expectations for continued growth [50] Other Important Information - Total expenses increased by 13% year-on-year, primarily due to increased concession fees and minimum wages in Mexico [17] - Capital expenditure accelerated to MXN 2.5 billion in Q4, accounting for half of the total MXN 4.4 billion for the year [19][20] Q&A Session Summary Question: Traffic growth expectations and airline network development in Mexico - Management indicated that traffic will continue to be affected by capacity restrictions and Pratt & Whitney issues, but improvements are expected by Q3 2025 [27][28] Question: Capacity increase at Mexico City Airport - Management noted that there are discussions about lifting capacity restrictions at Mexico City Airport, potentially by Q3 2025 [32][33] Question: International traffic flow nuances - Management reported that international traffic from Canada was nearly flat, with no significant changes due to political rhetoric in the U.S. [36][38] Question: Tulum Airport's impact on Cancun - Management confirmed that Tulum's traffic is included in regulatory calculations, but it is not termed as compensation [68][70] Question: Commercial revenue targets post-expansion - Management stated that there are no specific targets for commercial revenues per passenger, as it is a moving target [45][46] Question: Updates on Dominican Republic assets - Management indicated that there are no updates on the Dominican Republic asset, as the legal process continues [82][84]

Core Points - General Motors has approved a $0.03 increase in its quarterly common stock dividend, raising it to $0.15 per share, effective with the next planned dividend in April 2025 [3] - The company has authorized a new $6 billion share repurchase program, with an initial $2 billion to be executed through an accelerated share repurchase (ASR) program [1][5] - Capital spending for 2025 is projected to be between $10 billion and $11 billion, including over $8 billion for research and product development [2] Capital Allocation Strategy - The company is focused on three pillars: reinvesting in profitable growth, maintaining a strong investment-grade balance sheet, and returning capital to shareholders [2] - The share repurchase program aligns with the company's commitment to its capital allocation policy [4] Share Repurchase Details - The ASR program will involve an aggregate of $2 billion to retire GM common stock, with the total number of shares repurchased determined by the average daily volume-weighted prices during the program [5] - GM has $4.3 billion remaining under its share repurchase authorizations for additional opportunistic repurchases [6] Business Outlook - GM's business plan is deemed confident, with a strong balance sheet and agility to respond to public policy changes [4] - The company is leveraging advanced technology to build a diverse portfolio of vehicles, including both internal combustion engine (ICE) vehicles and electric vehicles (EVs) [7]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.4 million in January 2025, reflecting a year-on-year increase of 1.7% compared to January 2024 [1][2]. Passenger Traffic Summary - Passenger traffic in Colombia increased by 12.3%, driven by a 24.2% rise in international traffic and an 8.7% increase in domestic traffic [2][4]. - In Puerto Rico, passenger traffic grew by 9.3%, with international traffic up by 20.5% and domestic traffic increasing by 8.0% [2][4]. - Conversely, Mexico experienced a decline in passenger traffic of 4.1%, with international traffic down by 6.5% and domestic traffic decreasing by 0.7% [2][4]. Detailed Traffic Breakdown - For Mexico, total passenger traffic was 3,714,152 in January 2025, down from 3,871,735 in January 2024 [4][6]. - Domestic traffic in Mexico was 1,611,881, a slight decrease of 0.7% from the previous year [4][6]. - International traffic in Mexico saw a more significant decline, falling to 2,102,271, a decrease of 6.5% [4][6]. - In Puerto Rico, total passenger traffic reached 1,216,168, marking a 9.3% increase [4][6]. - Colombia's total passenger traffic was 1,495,926, reflecting a 12.3% increase [4][6]. Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [7]. - The company is a significant player in the airport sector, particularly with Cancun Airport being a major tourist destination [7]. - ASUR is also involved in a joint venture for the operation of Luis Muñoz Marín International Airport in San Juan, Puerto Rico [7].

Investment Philosophy - The company emphasizes a value investing approach that aligns with personality and analytical strengths, focusing on realistic market performance rather than supernatural trading abilities [1] - A significant portion of the portfolio is maintained in index funds, while active investments are concentrated on carefully selected opportunities [1] Market Focus and Strategy - The company specializes in identifying value opportunities, particularly in small and mid-cap sectors where market inefficiencies are prevalent [1] - As a contrarian value investor, the focus is on industry leaders in out-of-favor sectors, quality companies facing temporary setbacks, and businesses with strong balance sheets and robust cash generation [1] Analytical Approach - The analytical framework prioritizes balance sheet strength from a credit perspective, near-term cash flow generation, next twelve-month earnings forecasts, and book value analysis, especially for financial sector investments [1] Professional Background - The company's value investing strategy is supported by over 10 years of experience in financial sector consulting, specifically with banks, insurance companies, and payment firms, which aids in identifying overlooked opportunities [1] - A practical and down-to-earth investment approach is maintained, focusing on straightforward value investing principles combined with industry expertise and patience for reliable results [1]

Group 1 - Grupo Aeroportuario del Sureste (NYSE: ASR) is one of Mexico's three publicly traded airport operators, controlling nine airports in Mexico, six in Colombia, and one in Puerto Rico [1] - The company is involved in the management and operation of airports, which is a critical infrastructure sector in the region [1] - The investment group led by Ian Bezek focuses on high-quality compounders and growth stocks, indicating a strategy that may align with the growth potential of airport operations in Latin America [2]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.7 million in December 2024, marking a 2.3% increase compared to December 2023 [1][4] - Passenger traffic in Puerto Rico increased by 16.2%, while Colombia saw a 14.5% rise, contrasting with a 5.7% decline in Mexico [2][4] Passenger Traffic Performance - In Puerto Rico, international traffic surged by 29.3% and domestic traffic rose by 14.7% [2][4] - Colombia's international traffic grew by 26.6%, and domestic traffic increased by 11.1% [2][4] - Mexico experienced declines in both international (5.6%) and domestic (6.0%) traffic [2][4] Year-to-Date Comparisons - Year-to-date figures show a total of 71.3 million passengers in 2024, a slight increase of 1.1% from 2023 [4] - Domestic traffic year-to-date in Mexico decreased by 6.9%, while international traffic saw a smaller decline of 2.6% [4] Airport-Specific Data - Cancun Airport, a key asset for ASUR, reported a 7.2% decrease in passenger traffic for December 2024 compared to the previous year [6] - San Juan Airport in Puerto Rico, operated by ASUR, recorded a total of 1.3 million passengers in December 2024, reflecting a 16.2% increase [5][6] Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [7] - The company is also a 60% joint venture partner in Aerostar Airport Holdings, which operates Luis Muñoz Marín International Airport in San Juan, Puerto Rico [7][8]

Core Viewpoint - Grupo Aeroportuario del Sureste (ASR) is currently more attractive to value investors compared to C.H. Robinson Worldwide (CHRW) based on various valuation metrics and earnings outlook [3][7]. Valuation Metrics - ASR has a forward P/E ratio of 2.21, significantly lower than CHRW's forward P/E of 25.88 [5]. - The PEG ratio for ASR is 0.78, indicating better value relative to its expected earnings growth compared to CHRW's PEG ratio of 1.43 [5]. - ASR's P/B ratio stands at 2.73, while CHRW has a P/B ratio of 8.45, further highlighting ASR's relative undervaluation [6]. Earnings Outlook - ASR holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while CHRW has a Zacks Rank of 3 (Hold) [3][7]. - The improving earnings outlook for ASR suggests stronger estimate revision activity compared to CHRW [7].