Core Viewpoint - Beijing Capital International Airport's operating performance in 2025 was slightly below the industry average, with passenger traffic growth of 5.0% YoY compared to the overall industry growth of 5.5% YoY in China's civil aviation sector [1] Group 1: Passenger Traffic and Competition - The airport experienced flat domestic passenger volumes while international passenger volumes increased by 11% YoY [1] - The weaker performance was attributed to intensified competition from Beijing Daxing International Airport and constraints from saturated slot capacity [1] - Monitoring the ramp-up of slot capacity in 2026 is recommended [1] Group 2: Duty-Free Shopping Contracts - New duty-free shopping contracts were awarded to China Tourism Group Duty Free Corporation and Wangfujing Group, introducing a dual-operator structure for Terminal 3 and Terminal 2 [2] - The contracts will commence on February 11, 2026, or upon asset handover, and will expire on February 10, 2034 [2] Group 3: Rental Framework and Financial Implications - The new contracts adopt a "guaranteed minimum plus commission" model, with the first year's guaranteed minimum set at Rmb590 million, up from Rmb560 million under the previous contract [3] - The commission rate on DFS sales is set at 5% for the first year, increasing by 1 percentage point per year from the second billing year, capped from the fifth billing year onward [3] - Under a static traffic and sales scenario, rental payments under the new contracts would be approximately 10% higher than under the original agreement [4] Group 4: Financial Forecasts - Earnings forecasts for 2025 and 2026 were lowered to -Rmb308 million and Rmb122 million, respectively, due to lower assumptions for passenger traffic growth [5] - A new earnings forecast for 2027 of Rmb458 million was introduced, assuming 5% YoY passenger traffic growth and high single-digit YoY DFS sales growth [5] - The stock is trading at 0.8x 2026e P/B, with a target price maintained at HK$2.9, offering a 10% upside, and an OUTPERFORM rating is maintained [5]

Core Insights - Ryanair Holdings (RYAAY) reported strong traffic numbers for November 2025, driven by robust air-travel demand [1][8] Group 1: Traffic Performance - The number of passengers transported on Ryanair flights was 13.8 million in November 2025, reflecting a 6% year-over-year increase [2] - The November load factor remained flat at 92% year-over-year, indicating consistent passenger demand [2] - Ryanair operated over 78,000 flights in November 2025, showcasing its operational capacity [2] Group 2: Yearly Performance and Outlook - Ryanair's passenger volume grew 9% to 183.7 million passengers in fiscal 2024, following the end of the pandemic and normalization of economic activities [3] - In the fiscal year ending March 2025, Ryanair carried 200.2 million passengers, marking a 9% year-over-year increase and positioning itself as the first European airline to reach this milestone [4] - For the first half of fiscal 2026, traffic grew 3% year-over-year to 119 million passengers, prompting Ryanair to raise its fiscal 2026 traffic outlook to over 207 million passengers [5] Group 3: Stock Performance - Ryanair currently holds a Zacks Rank 3 (Hold) and its shares have gained 51.7% year-to-date, outperforming the Zacks Airline industry growth of 6.8% [6]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 5.3 million in October 2025, marking a year-on-year increase of 1.0% compared to October 2024 [1][4] Passenger Traffic Summary - Passenger traffic in Colombia increased by 5.1% year-on-year, driven by a 14.8% rise in international traffic and a 2.5% increase in domestic traffic [2][4] - In Mexico, passenger traffic decreased by 0.2%, with a 0.5% decline in domestic traffic nearly offset by a 0.1% increase in international traffic [2][4] - Puerto Rico experienced a 1.7% decline in passenger traffic, despite a 10.8% increase in international traffic, which was more than offset by a 3.6% decrease in domestic traffic [2][4] Detailed Traffic Breakdown - For Mexico, total passenger traffic in October 2025 was 2,962,147, down from 2,969,438 in October 2024, with year-to-date figures showing a decline of 2.5% [4][5] - Domestic traffic in Mexico for October 2025 was 1,657,685, a decrease of 0.5% from the previous year, while international traffic slightly increased by 0.1% to 1,304,462 [4][5] - In Puerto Rico, total passenger traffic was 855,798 in October 2025, down 1.7% from the previous year, with domestic traffic at 729,237, a decrease of 3.6%, and international traffic at 126,561, an increase of 10.8% [4][5] - Colombia's total passenger traffic reached 1,503,803 in October 2025, up 5.1% year-on-year, with domestic traffic at 1,168,412 (up 2.5%) and international traffic at 335,391 (up 14.8%) [4][5] Year-to-Date Performance - Year-to-date passenger traffic for Mexico was 33,443,544, reflecting a decline of 2.5% compared to the previous year [4][5] - Year-to-date figures for Puerto Rico showed an increase to 11,399,130, up 4.4% from the previous year [4][5] - Colombia's year-to-date passenger traffic reached 14,139,199, a 3.6% increase compared to the previous year [4][5] Company Overview - Grupo Aeroportuario del Sureste operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia, with a significant presence in international travel [6]

Core Insights - Ryanair's first half net profit exceeded estimates, prompting an increase in the 2026 passenger forecast [1] - The airline experienced a 3% increase in passenger traffic year-over-year, reaching 119 million passengers in the first half [2] - Cost management was effective, with costs per passenger rising only 1% despite significant increases in air traffic control charges and environmental costs [3] Passenger Traffic and Forecast - Ryanair expects to finish the year with approximately 207 million passengers, slightly above the initial target of 206 million, representing a 3.5% increase [4][5] - The airline is cautious about fare increases in the second half, not expecting the same growth rates as in the first half [5][6] Aircraft and Capacity - Ryanair has an order book of 206 Boeing Max 8200 aircraft, with 204 already received, and expects to receive the remaining six by February next year [7][8] - The airline anticipates a growth in passenger capacity to 215 million by summer, with plans to grow to 300 million passengers annually by FY34 [8] Market Dynamics - The European airline market is experiencing capacity constraints, with ongoing issues related to Pratt & Whitney engines and consolidation among carriers [10][11] - Ryanair's cost per passenger is significantly lower than competitors, allowing it to capture market share from weaker airlines [12] - Airports are actively seeking growth opportunities with Ryanair, which is expanding in various regions including Sweden, Italy, and Morocco [13]

Core Insights - Corporación América Airports S.A. reported a 9.4% year-on-year increase in passenger traffic for September 2025, indicating strong growth in the aviation sector [1] Passenger Traffic Highlights - Domestic passengers reached 3,743 thousand in September 2025, up 10.9% from 3,376 thousand in September 2024 [1] - Year-to-date domestic passenger numbers for 2025 stand at 32,763 thousand, reflecting a 9.3% increase compared to 29,965 thousand in the same period of 2024 [1] Cargo Volume and Aircraft Movements - International passenger figures for September 2025 were reported at 2,971 thousand, showcasing the company's performance in the international market [1]

Core Insights - Corporación América Airports S.A. reported a 10.2% year-on-year increase in passenger traffic for August 2025, indicating strong growth in the aviation sector [1] Passenger Traffic Highlights - Domestic passengers reached 3,963 thousand in August 2025, up from 3,590 thousand in August 2024, reflecting a 10.4% increase [1] - Year-to-date (YTD) domestic passengers for 2025 totaled 29,020 thousand, compared to 26,589 thousand in 2024, marking a 9.1% increase [1] Cargo Volume and Aircraft Movements - The report includes statistics on cargo volume and aircraft movements, although specific figures were not detailed in the provided excerpt [1]

Core Insights - Grupo Aeroportuario del Sureste (ASUR) reported a total passenger traffic of 6.0 million in April 2025, marking a year-over-year increase of 3.8% compared to April 2024 [1][2] Passenger Traffic Summary - Passenger traffic increased by 13.5% in Puerto Rico, 4.8% in Colombia, and 0.5% in Mexico [2][4] - In Puerto Rico, international traffic surged by 29.6% and domestic traffic rose by 11.6% [2][5] - Colombia experienced a 15.6% increase in international traffic and a 2.0% increase in domestic traffic [2][5] - Mexico saw a 3.3% decrease in international traffic, which was partially offset by a 5.1% increase in domestic traffic [2][5] Detailed Traffic Data - For April 2025, Mexico's total passenger traffic was 3,511,745, a slight increase of 0.5% from 3,495,197 in April 2024 [4][5] - Domestic traffic in Mexico reached 1,653,649, up 5.1% from the previous year, while international traffic decreased to 1,858,096, down 3.3% [4][5] - San Juan, Puerto Rico, recorded 1,174,568 passengers, reflecting a 13.5% increase from 1,034,830 in April 2024 [5] - Colombia's total passenger traffic was 1,340,348, an increase of 4.8% from 1,278,688 in April 2024 [5] Year-to-Date Performance - Year-to-date figures for total traffic show a slight increase of 1.0% from 24,371,251 in 2024 to 24,626,734 in 2025 [4] - Domestic traffic year-to-date increased by 4.1%, while international traffic saw a decrease of 3.1% [4] Company Overview - ASUR operates 16 airports across the Americas, including nine in southeast Mexico and six in northern Colombia [6] - The company is a significant player in the airport sector, particularly with its operations at Cancun Airport, a major tourist destination [6] - ASUR is also involved in a joint venture for the operation of Luis Muñoz Marín International Airport in San Juan, Puerto Rico [6]