Grupo Aeroportuario Del Sureste May Traffic Update

ASUR reported a 2% YoY decline in May traffic, with Cancun significantly underperforming the broader Mexican operations. Analysts maintain a Buy rating but note downside risks to 2Q estimates.

Key Takeaways

• 1.ASUR total traffic declined 2% YoY in May, with international traffic down 7% and domestic up 1%.
• 2.Cancun airport traffic underperformed, declining 8% YoY, while Mexico operations as a whole were down 4%.
• 3.The firm maintains a Buy rating on ASUR with a 12-month DCF-based price target of MXN 661.00 / USD 380.00.

Table of Contents

• Valuation and key risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures