Aeropuertuario Del Sureste (ASURB MM): Upgrade to Buy: Improved risk/reward on better outlook

研报英文原文证据摘录

Aeropuertuario Del Sureste (ASURB MM): Upgrade to Buy: Improved risk/reward on better outlook

stronger bookings from

52-WEEK PRICE (MXN)

airlines’ seat planning towards the end of the year, particularly in Nov-Dec, which

suggests a stronger winter. Sequential improvement in return to service of grounded 680.00

aircraft, better absorption of air fare increases by the market helping reinstate some 560.00

routes, gradual refill of Spirit’s market share by others, and likely softer currency 440.00

pressure (based on spot prices) are some factors that should lead to better results. 07/25 Target price:01/26610.00 07/26

For Q3, the weak base from last year may also play out for better y-o-y performance. High: 648.73 Low: 469.41 Current: 471.38

Source: LSEG IBES, HSBC estimates

Strategic catalysts to unlock value. ASUR’s agenda currently has three main

subjects; completion of the acquisition of Motiva’s airport portfolio (targeted in 3Q26), Cenk Orcan*

internalisation of ITA (technical assistance services), and two extraordinary dividends Aviation & Industrials Analyst

HSBC Yatirim Menkul Degerler A.S.

(MXN10 per share each for distribution in November and December) proposed for cenkorcan@hsbc.com.tr

approval in the upcoming General Shareholder’s Meeting (20 August). The Motiva +90 212 376 46 14

deal, comprising 20 airports in four countries (17 of which in Brazil) with 45m annual

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

passengers should create a new growth layer, although operational and financial not registered/ qualified pursuant to FINRA regulations

details are missing. However, ITA internalisation will require issuance of new shares

in return for saving fees paid (cMXN400m in 2025) for the relevant services.

Upgrade to Buy, cut TP to MXN610.