After reaching an important support level, Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR) could be a good stock pick from a technical perspective. ASR recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, w ...

Core Viewpoint - Corporación América Airports S.A. has executed an addendum to the concession agreement for Seymour Airport, aimed at rebalancing the economic and financial equilibrium adversely affected by the COVID-19 pandemic [1][2]. Summary by Relevant Sections Concession Agreement Changes - The concession term has been extended by six years, now set to expire on December 31, 2032, with provisions for future extensions to maintain economic equilibrium [5]. - The Terminal Use Charge (TUC) will increase by $5.20 per passenger, resulting in a new TUC of $31.18 per passenger, with annual adjustments as per the concession agreement [5]. - An investment program includes a potential runway repaving in the second half of 2031, with a maximum investment of $4 million, contingent on a technical study in 2029 [5]. Economic and Financial Equilibrium - The amendment includes mechanisms to maintain the economic and financial equilibrium of the concession, subject to review every two years [5]. - If the equilibrium is disrupted by unforeseen circumstances, parties can request a renegotiation of the concession terms [5]. Company Performance and Sustainability - The CEO of Corporación América Airports highlighted the confidence in operational capabilities and sustainability achievements, including carbon-neutral operations since 2017 and Level 4+ certification under the Airport Carbon Accreditation program [3]. - The company operates 52 airports across six countries and served 86.7 million passengers in 2025, a 9.8% increase from 2024 [4].

MEXICO CITY, Jan. 26, 2026 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading international airport group with operations in Mexico, the United States, and Colombia, today announced that shareholders approved the following resolutions and considered the following matters at the General Ordinary Shareholders' Meeting held in Mexico City on January 26, 2026: General Ordinary Meeting Summary of Resolutions Special delegates of the Ordinary General Sharehold ...

Presentation[indiscernible] also give guidance for traffic and financial results for the current year 2026. More flavor on the numbers and the outlook will now give Julian Jager and Gunther Ofner and I hand over to you, Julian.Julian JägerCOO & Member of the Management Board Thank you, Bernd. Good afternoon, ladies and gentlemen. Yes, we -- 2025 was a record year for Vienna Airport in many aspects in terms of passenger volume in Vienna, Malta and Košice in terms of cargo throughput in Vienna. So overall, we ...

GUADALAJARA, Mexico, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) announced that today it refinanced the USD$95.5 million bank loan that matured on this date with Scotiabank Inverlat, S.A., through the execution of a new financing agreement with The Bank of Nova Scotia for a twelve-month term. The loan will accrue interest payable on a monthly basis at a variable rate equivalent to 1-month SOFR plus 50 basis points, with no ...

LUXEMBOURG--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), ("CAAP†or the "Company†), one of the world's leading private airport operators, announced today that Sociedad Aeroportuaria Kuntur Wasi S.A. ("Kuntur Wasi†), in which CAAP holds an indirect 50% equity interest, has received payment of US$91,205,056 from the Republic of Peru, pursuant to the final award issued by the International Centre for Settlement of Investment Disputes ("ICSID†, also known as "CIADI†in Spanish). ...

LUXEMBOURG--(BUSINESS WIRE)--Corporación América Airports S.A. (NYSE: CAAP), or the "Company† ), one of the world's leading private airport operators, reported todav ("CAAP†an 8.5% year-on-year (YoY) increase in passenger traffic in December 2025 and a 9.8% YoY increase for full- year 2025. Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2025 vs. 2024) Statistics Dec'25 Dec'24 % Var.  2025 2024 % Var.  Domestic Passengers (thousands) 3,995 3,772 5.9%  44,507 40.996 8.6%  I. ...

Core Thesis - Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is undergoing a strategic transformation to become a growth-driven airport platform in Latin America, with a current share price of $318.36 and trailing and forward P/E ratios of 12.85 and 14.97 respectively [1][3]. Financial Performance - ASR has historically maintained strong financial discipline, generating over USD 700 million in annual free cash flow and keeping net leverage as low as 0.2x, which allowed for a significant extraordinary dividend of USD 25.71 per ADR in 2025 [3]. - Despite a 25% year-to-date increase in share price, ASR's valuation remains modest at approximately 12.85x earnings [3]. Strategic Initiatives - The company plans to acquire Companhia de Participacoes em Concessoes for USD 936 million, which will add 20 airports across Brazil, Ecuador, Costa Rica, and Curacao, with shareholder approval expected on January 26, 2026 [4]. - This acquisition, along with the recent purchase of URW Airports, will significantly expand ASR's operational footprint and growth potential while introducing leverage [4]. Market Positioning - The strategic shift positions ASR for a potential rerating as a regional airport powerhouse by 2026, presenting an attractive risk-reward profile at current valuation levels [5]. - The company is transitioning from a conservative, cash-rich business model to one focused on growth through acquisitions and expansion [4][6].

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Hong Kong/China Transportation and Infrastructure - **2026 Outlook**: More opportunities than risks, with a focus on supply-side opportunities in airlines, tanker shipping, and express delivery, while container shipping faces oversupply concerns [1][2][3] Airlines - **Pricing Trends**: Pricing inflation resumed since October 2025, supported by supply-side constraints and demand recovery from business travel, outbound travel growth, and inbound travel [2][11] - **Demand Drivers**: Business travel recovery positively correlated with capital expenditure, and inbound travel expected to grow, benefiting airlines [2][21] - **Airlines' Up-Cycle**: Chinese airlines are in a multi-year supply-driven up-cycle, with margin upside if pricing performance exceeds expectations [2][11] - **Key Stocks**: Overweight ratings on Air China (0753.HK), China Eastern Airlines (0670.HK), China Southern Airlines (1055.HK), and Spring Airlines (601021.SS) [9][10] Shipping - **Tanker Market**: Increasing demand for compliant tankers due to geopolitical tensions, with limited new supply additions due to low capital expenditure over the past decade [3] - **Container Shipping Risks**: Remains conservative on container shipping due to oversupply concerns [3] - **Key Stocks**: Overweight on COSCO Shipping (1138.HK) and China Merchants Energy Shipping (601872.SS), underweight on COSCO Shipping Holdings (1919.HK) and Orient Overseas (0316.HK) [3] Airports - **Bargaining Power**: Airports are regaining bargaining power through duty-free contract renewals, breaking monopoly dynamics, and increasing shareholdings in duty-free operators [4][54] - **Duty-Free Spending**: Expected upside in duty-free spending with expanded product categories and higher offline sales [4][58] - **Key Stocks**: Equal-weight ratings on Shanghai International Airport (600009.SS), Hainan Meilan Airport (0357.HK), and Guangzhou Baiyun International Airport (600004.SS), underweight on Beijing Capital International Airport (0694.HK) [53] Express Delivery - **Market Consolidation**: ZTO (ZTO.N) and YTO (600233.SS) are consolidating market share, leading to cost-efficiency gains and margin expansion [5] - **International Expansion**: J&T (1519.HK) expected to consolidate market share in overseas markets through e-commerce partnerships [5] Key Risks and Considerations - **Airlines**: Risks include faster-than-expected aircraft delivery, deterioration in travel demand, unfavorable RMB depreciation, and surging oil prices [52][51] - **Airports**: Continued underperformance in duty-free business due to weak consumption and competition from other channels [54][55] Conclusion - The transportation sector in Hong Kong/China is poised for growth in 2026, driven by supply-side opportunities in airlines and shipping, while airports are regaining power in duty-free operations. However, risks remain, particularly in container shipping and overall economic conditions.

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]