ASUR: ASUR Board Proposes TAA Internalization; Broadly EPS Neutral

研报英文原文证据摘录

ASUR: ASUR Board Proposes TAA Internalization; Broadly EPS Neutral

Update

June 24, 2026 03:40 PM GMT

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+MASUR | Latin America Jens Spiess, CFA

Equity Analyst

ASUR Board Proposes TAA Jens.Spiess@morganstanley.comMorgan Stanley C.T.V.M. S.A.+ +52 55 5282-6614

Joao Pedro Franco dos Santos

Research AssociateInternalization; Broadly EPS Joao.Pedro.Franco.Dos.Santos@morganstanley.com +55 11 3048-9524

Gustavo Soares

Research AssociateNeutral

Gustavo.Soares@morganstanley.com +55 11 3048-6075

What's new: ASUR's BoD proposed a deal to internalize technical assistance and ASUR (ASR.N, ASR UN)

technology transfer services currently outsourced to ITA, its strategic partner. Under Latin America Transportation & Infrastructure | Mexico

the proposed structure, ASUR would assume the technical assistance functions, Stock Rating Underweight

Industry View In-Line

with the transaction implemented through the merger of one or more entities into

Price target US$315.00

ASUR. If approved by shareholders, ASUR expects to issue ~7.25m new shares, Shr price, close (Jun 23, 2026) US$296.01

Mkt cap, curr (mm) M$155,849

equivalent to ~2.4% of current TSO. Full terms to be disclosed in an information 52-Week Range US$381.16-275.00

document once the Extraordinary Shareholders’ Meeting is called.

Alongside the TAA internalization proposal, ASUR’s Board also approved submitting

for shareholder consideration two extraordinary cash dividends of M$10/sh. each,

payable in November and December 2026, subject to shareholder approval.

Impact to our view: ASUR has not yet disclosed the expected run-rate savings from

the TAA internalization, leaving the accretion/dilution math reliant on the

normalized post-internalization cost base.