Grupo Aeroportuario del Sureste, the private operator of air terminals in Mexico, Colombia and Puerto Rico, could take an economic hit from increased competition for its flagship terminal, Cancun International Airport, Citi Research analysts estimated.
The Tulum terminal, operated by the Mexican government through the state-owned company Grupo Aeroportuario, Ferroviario y de Servicios Auxiliares Olmeca-Maya-Mexica, has shown an increase since its inauguration in December 2023, which puts the Cancun terminal at downside risks, Citi analysts said in a report.
“The loss of market share of the company’s flagship facility at Cancun airport could have a significant economic impact,” the analysts said, although without estimating a specific figure.
In its report, Citi reduced the target price for Asur’s ADR –American Depositary Receipt–, which went from $281 to $248 each.
Passenger traffic at the Cancun terminal has accumulated five consecutive months of declines – the last two of which were double-digit – so far this year, due to factors such as the engine overhaul affecting the national airlines Volaris and Viva Aerobus, which has forced them to ground part of their fleet and adjust seat availability.
In August alone, the terminal registered a 14.1% contraction in passenger traffic, caused by double-digit drops in its national and international passengers. In the eight-month period, the reduction in total airport traffic was 5.5%, according to data from Asur itself.
In contrast, the Tulum terminal, which began operations on December 1, 2023, has handled just over 301,000 international travelers in the first seven months of the year, according to data from the Federal Civil Aviation Agency (AFAC), which places it among the 10 airports that handle the largest number of foreign travelers in seventh position, although with a figure well below the 12.9 million international travelers who have used the Cancun terminal in the same period.
Source: axisnegocios
