Mexico Airports: Downgrading ASUR to UW and Upgrading OMA to Neutral on Traffic Momentum; GAP Remains Top Pick

Research evidence excerpt

Mexico Airports: Downgrading ASUR to UW and Upgrading OMA to Neutral on Traffic Momentum; GAP Remains Top Pick

J P M O R G A N Latin America Equity Research

22 July 2026

Mexico Airports

Downgrading ASUR to UW and Upgrading OMA to

Neutral on Traffic Momentum; GAP Remains Top Pick

We are revising our estimates for Mexican airports following 2Q26 traffic results Latin American Transportation

ACand an updated 3Q26 seat availability outlook based on OAG data. We are Guilherme Mendes

tactically downgrading ASUR to Underweight (from Neutral), driven by persistent (55-11) 4950-4105

weakness in traffic performance that is likely to continue weighing on results in the guilherme.g.mendes@jpmorgan.com

near term, limiting re-rating potential despite a relatively attractive valuation — Julia Orsi

ASUR is currently trading at 7.2x EV/EBITDA 12M Fwd, compared to GAP at (55-11) 4950 3351

9.4x and OMA at 8.4x. Concurrently, we are upgrading OMA to Neutral (from julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

Underweight), also reflecting its traffic performance, which has been the strongest

across the region and is expected to remain resilient into the second half of the year.

Nonetheless, we continue to prefer GAP (OW) on a relative basis and believe it

warrants a valuation premium — further details are provided below. At the broader

sector level, despite near-term uncertainty, we continue 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. We are establishing December

2027 Price Targets, increasing them for OMA (+8% to MXN 275) and GAP (+2%