MAp slows downward slide, Chinese airports up strongly, ASUR reports - Airports Share Wrap


MAp’s recent stock decline slowed, falling 3.3% on Monday after losing 6.8% on Friday. It remains to be seen whether the separation of management from the Macquarie Group will reduce the gap between MAp’s share price and the value of the airports it manages, but the 10% share price gain before the trading freeze last week has already been lost.

GEMINA, the owner of Rome Airport operator, Aeroporti di Roma, was up 5.7% on Monday, continuing its strong run over last week. Since 21-Jul-2009, the company’s share price has risen 10.9%, from EUR0.476 to EUR0.528 per share.

Hainan Meilan International Airport’s share price climb continues, with its share price jumping 11% yesterday, to close at HKD5.77 per share. The company is now trading at an 11-month high, after its stock dipped to just above HKD2.00 at the beginning of Nov-2008. Other Chinese airports traded strongly as well, With Beijing up 3.8% and Shenzhen up 2.9%.

However, Guangzhou Baiyun lost 2.7% yesterday. The airport's shares, which have slowly been gaining ground on better than expected Chinese domestic traffic, hit an 11-month peak mid-way through last week.

Selected airports daily share price movements (% change): 27-Jul-09

Meanwhile, shares in Mexico’s Grupo Aeroportuario del Sureste (ASUR) fell 0.2% yesterday. The company reported the following resilient financial details for the six months ended 30-Jun-2009, despite the swine flu outbreak:

  • Revenue: USD125.2 million, -0.9%;
    • Aeronautical: USD81.6 million, -3.9%;
    • Non-aeronautical: USD43.6 million, +5.2%;
    • Commercial: USD37.9 million, +7.7%;
  • Operating costs: USD67.2 million, +3.5%;
  • EBITDA: USD81.8 million, -2.5%;
  • EBITDA margin: 65.3%, -1.1 ppt;
  • Net profit: USD35.2 million, -23.1%;
  • Passenger numbers: 8.4 million, -14.8%;
  • Total commercial revenue per passenger: USD4.5, +26.4%.

*Based on the conversion rate at USD1 = MXN13.28

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