JPM | Building Broadcast: BZU, HOLN, DG, AENA: JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: BZU, HOLN, DG, AENA: JPMC Construction Daily

Nonetheless, the team prefers GAP (OW) on a

relative basis and believes it warrants a valuation premium. At the broader sector level,

despite near-term uncertainty, the team continues to view the space as a long-term

compounder: regulated revenues provide visibility and defensiveness, while commercial

revenues offer additional upside that has been expanding in recent years and is well

positioned to continue growing. The team has established December 2027 Price Targets,

increasing them for OMA (+8% to MXN 275) and GAP (+2% to MXN 525), while

trimming the target for ASUR (-3% to MXN 615), relative to the team’s previous

December 2026 Price Targets. As a reminder, Vinci holds a 29.99% stake in OMA and

Aena a 6.55% stake in GAP. Link to the team’s report.

• ACS: UGL awarded contract for critical grid-stabilising works supporting NSW

energy transition. CIMIC Group’s UGL has been awarded a contract by Transgrid to

deliver enabling works for synchronous condensers at its Wellington and Darlington Point

sub-stations in New South Wales. The project forms part of the first phase of Transgrid's

System Strength Plan, involving installation of 10 synchronous condensers at five sites to

support the stability and reliability of the state's electricity network as it transitions from

coal-fired generation to renewable energy. UGL's scope includes civil and building works

to support the future installation of the synchronous condensers, including earthworks,

foundations, underground services and the construction of facilities to house electrical and

communications systems. The works are being delivered as part of a NSW Government

Priority Network Infrastructure Project, helping to ensure the transmission network