LatAm Transport and Capital Goods "Daily Take-Off: GAP, OMA, ASUR, RAIL,..."

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LatAm Transport and Capital Goods "Daily Take-Off: GAP, OMA, ASUR, RAIL,..."

Global Research

18 June 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: GAP, OMA, ASUR, RAIL, RENT,

MOVI, EMBJ Industrial

Alberto Valerio

Analyst

alberto.valerio@ubs.com

MX Airports: A better runway ahead: ASUR’s recovery and M&A drive upgrade to +55-11-2767 6918

Buy

Gavin Parsons

We are upgrading ASUR to Buy (PT P$630 from P$670) as we see it offering the most Analyst

compelling upside skew in the sector. We keep GAP at Neutral (PT P$460) and OMA at gavin.parsons@ubs.com

Sell (PT P$225 from P$230). While Mexican airport valuations have compressed with +1-212-713 2389

soft traffic trends, we see a recovery path for ASUR. The Master Development Plan Andressa Varotto

(MDP) framework should help limit traffic-related downside to aeronautical Analyst

revenues, while the non-aeronautical revenue outlook remains constructive with andressa.varotto@ubs.com

the new US retail operations and Cancun T1 reopening. We also expect catalysts +55-11-2767 6654

into 2026/27, with traffic recovery likely supported by fewer aircraft groundings, Rafael Simonetti

higher Mexico City Intl Airport (AICM) takeoff and landing limits, and potentially a Associate Analyst

more benign airfare backdrop if lower oil prices persist. In addition, ASUR’s rafael.simonetti@ubs.com

acquisition of Motiva’s airports, expected to start consolidating in 2H26, adds +55-11-2767 6628

another source of upside, as we view the transaction as value-accretive and not

priced in. We estimate market is pricing in 1.5% non-aeronautical revenue 5y CAGR

in Mexico for ASUR vs 10% while UBSe. Meanwhile, we see GAP fairly priced and OMA

still expensive amid the worsening operating momentum. Link.