OMA 5月交通流量：略高于第二季度预期

Investment Rating - The report assigns an "Overweight" rating to OMA, indicating that the stock's total return is expected to exceed the total return of the relevant country MSCI Index over the next 12-18 months [6][33]. Core Insights - OMA's total passenger traffic increased by 6.9% year-over-year (Y/Y) in May, outperforming competitors GAP (+2.9%) and ASUR (-3.0%) in Mexico. Quarter-to-date (QTD) traffic is up 12.7% [2][4]. - International traffic saw a significant increase of 19.5% Y/Y, while domestic traffic grew by 5.1% Y/Y. Notably, Monterrey traffic increased by 17.8% Y/Y [2][10]. - The expected traffic growth for 2Q25 is projected to be around 11% Y/Y, slightly above consensus estimates [3]. Summary by Sections Traffic Performance - In May 2025, Monterrey recorded 1,302,000 passengers, a 17.8% increase from May 2024, while other airports saw a decrease of 4.1% Y/Y [4]. - Total passenger traffic for OMA in May 2025 was 2,354,000, up from 2,202,000 in May 2024 [4]. Market Position - OMA's market capitalization is currently M$95,610 million, with a price target set at US$105.00, compared to a closing price of US$103.21 on June 5, 2025 [6][11]. Valuation Methodology - The price target is based on a discounted cash flow (DCF) valuation using an 8.5% weighted average cost of capital (WACC) and assumes all Mexican airport concessions expire in 2048 with no terminal value [11].