Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<div><p>S&amp;P Dow Jones Indices will announce changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> as part of the September index review on 3 September and the changes will be effective after the close of trading on 17 September.</p></div><div>We are almost three quarters of the way through the review period. There are 3 potential inclusions at the review - <a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" data-smartkarma-citation="entities:15546:1" rel="noopener">Centuria Capital (CNI AU)</a>, <a href="https://www.smartkarma.com/entities/pinnacle-investment-manageme" target="_blank" data-smartkarma-citation="entities:20624:1" rel="noopener">Wilson (PNI AU)</a> and <a href="https://www.smartkarma.com/entities/sealink-travel-group-ltd" target="_blank" data-smartkarma-citation="entities:6400:1" rel="noopener">Sealink Travel (SLK AU)</a> while the potential deletions are <a href="https://www.smartkarma.com/entities/nuix-limited" target="_blank" data-smartkarma-citation="entities:31040:1" rel="noopener">Nuix Limited (NXL AU)</a>, <a href="https://www.smartkarma.com/entities/nrw-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9271:1" rel="noopener">NRW Holdings (NWH AU)</a> and <a href="https://www.smartkarma.com/entities/g8-education-ltd" target="_blank" data-smartkarma-citation="entities:581:1" rel="noopener">G8 Education (GEM AU)</a>.</div><div></div><div>
<a href="https://www.smartkarma.com/entities/galaxy-resources-ltd" target="_blank" data-smartkarma-citation="entities:13914:1" rel="noopener">Galaxy Resources (GXY AU)</a> is placed in the inclusion zone but is unlikely to be added to the index given its pending merger with <a href="https://www.smartkarma.com/entities/orocobre-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Orocobre Ltd (ORE AU)</a>.</div><div></div><div>
<a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a> is a close add and the corresponding deletion is <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold Resources (WGX AU)</a>.</div><div></div><div>There is a large impact expected on the inclusions while the impact on the deletions is lower.</div><div></div><div>For <a href="https://www.smartkarma.com/entities/g8-education-ltd" target="_blank" data-smartkarma-citation="entities:581:1" rel="noopener">G8 Education (GEM AU)</a>, the short interest is close to the estimated passive selling. For the other two deletes, short interest is a lot smaller than the estimated passive selling and there will be more shorts created from now to rebalance implementation day.</div>

S&amp;P Dow Jones Indices will announce changes to the S&amp;P/ASX 200 (AS51 INDEX) as part of the September index review on 3 September and the changes will be effective after the close of trading on 17 September.We are almost three quarters of the way through the review period. There are 3 potential inclusions at the review - Centuria Capital (CNI AU), Wilson (PNI AU) and Sealink Travel (SLK AU) while the potential deletions are Nuix Limited (NXL AU), NRW Holdings (NWH AU) and G8 Education (GEM AU).
Galaxy Resources (GXY AU) is placed in the inclusion zone but is unlikely to be added to the index given its pending merger with Orocobre Ltd (ORE AU).
De Grey Mining (DEG AU) is a close add and the corresponding deletion is Westgold Resources (WGX AU).There is a large impact expected on the inclusions while the impact on the deletions is lower.For G8 Education (GEM AU), the short interest is close to the estimated passive selling. For the other two deletes, short interest is a lot smaller than the estimated passive selling and there will be more shorts created from now to rebalance implementation day.

ASX200 Sep21 Index Rebalance Preview: Large Impact Names

Founder of Antler Capital

Stanley Tsai, CFA

Equity Bottom-Up

<p><strong>BOC Aviation | BOCAVI <a href="https://www.smartkarma.com/entities/boc-aviation" target="_blank" data-smartkarma-citation="entities:22689:1" rel="noopener">(2588 HK)</a> </strong></p>
<p>As a follow-up on <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a>'s Smartkarma Original <a href="https://www.smartkarma.com/insights/asia-pac-airports-ups-but-mostly-downs" target="_blank" data-smartkarma-citation="insights:51855" rel="noopener">Asia-Pac Airports: Ups, But Mostly Downs</a>, we take a look at BOCAVI, which, in our view, is a compelling alternative to APAC airport operators and airlines as a post-Covid trade.</p>
<p><strong>BOCAVI is a highly geared play on the resumption of air travel. </strong>The stock has gone through periods of significant out/underperformance against the APAC airports and airlines and may continue to give investors high beta in either direction. The geographical exposure is broad, but there is a heavy skew towards short-haul flights, which will see the earliest acceleration in passenger traffic.</p>
<p><strong>Management's countercyclical capex expansion increasingly looks like a shrewd bet. </strong>At its core, BOCAVI is in the capital management business. Strong liquidity and BOC's explicit backing have allowed the lessor to grow its purchase-and-leaseback portfolio through the depths of the pandemic. While airlines are still hemorrhaging cash, over 99% of BOCAVI's aircraft remain cash-generating.  </p>
<p><strong>We expect the firm's undiscounted committed revenues to top USD20bn in 2021.</strong> By year-end, the value of the portfolio will have doubled since 2014. We estimate the present value of this cashflow stream to be HKD72.80/share. We are essentially getting free growth optionality. </p>
<p><strong>We are buyers at book value.</strong> The stock is trading at 8x P/E and 1.1x P/B on a 12M forward basis. BOCAVI is reasonably liquid, with a market cap of USD6bn and average daily turnover of USD3.5mn. Besides the obvious risk of protracted lockdowns globally, a well-functioning USD bond market and BOC's funding support are critical to our investment case.</p>
<p>Attachment: BOCAVI Financial Summary</p>

BOC Aviation | BOCAVI (2588 HK) 
As a follow-up on David Blennerhassett's Smartkarma Original Asia-Pac Airports: Ups, But Mostly Downs, we take a look at BOCAVI, which, in our view, is a compelling alternative to APAC airport operators and airlines as a post-Covid trade.
BOCAVI is a highly geared play on the resumption of air travel. The stock has gone through periods of significant out/underperformance against the APAC airports and airlines and may continue to give investors high beta in either direction. The geographical exposure is broad, but there is a heavy skew towards short-haul flights, which will see the earliest acceleration in passenger traffic.
Management's countercyclical capex expansion increasingly looks like a shrewd bet. At its core, BOCAVI is in the capital management business. Strong liquidity and BOC's explicit backing have allowed the lessor to grow its purchase-and-leaseback portfolio through the depths of the pandemic. While airlines are still hemorrhaging cash, over 99% of BOCAVI's aircraft remain cash-generating.  
We expect the firm's undiscounted committed revenues to top USD20bn in 2021. By year-end, the value of the portfolio will have doubled since 2014. We estimate the present value of this cashflow stream to be HKD72.80/share. We are essentially getting free growth optionality. 
We are buyers at book value. The stock is trading at 8x P/E and 1.1x P/B on a 12M forward basis. BOCAVI is reasonably liquid, with a market cap of USD6bn and average daily turnover of USD3.5mn. Besides the obvious risk of protracted lockdowns globally, a well-functioning USD bond market and BOC's funding support are critical to our investment case.
Attachment: BOCAVI Financial Summary

BOC Aviation (2588 HK): The Stars Don't Look Bigger, but They Do Look Brighter

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Guangzhou Baiyun International Airport / Equity Bottom-Up

<p>Within the hospitality-affected complex, the airline industry garners the lion's share of the negative news from the Covid fall-out. The <a href="https://www.bloomberg.com/quote/280456Z:CN" target="_blank" rel="noopener">International Air Transport Association</a> said last month it estimates losses in 2021 of US$48bn, up from $38bn previously. And that's on top of an estimated $370bn of losses to the industry in FY20, <a href="https://www.icao.int/Newsroom/Pages/2020-passenger-totals-drop-60-percent-as-COVID19-assault-on-international-mobility-continues.aspx" target="_blank" rel="noopener">according</a> to the International Civil Aviation Organization.</p>
<p>But spare a thought for the airports which facilitate the arrival and departure of these airlines, as this crisis becomes increasingly protracted, and in many ways, deeper than many anticipated 18 months ago.</p>
<p>Amid the doom and gloom, there are parking bays of good news. April's domestic air passenger traffic in China was ~96% of December 2019 levels. <a href="https://www.smartkarma.com/entities/shenzhen-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:15522:1" rel="noopener">Shenzhen Airport Co A (000089 CH)</a> (SZAC) is at level pegging with <em>overall</em> traffic numbers in 2019, and domestic flow into SZAC, <a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport (600009 CH)</a>, and <a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" data-smartkarma-citation="entities:10819:1" rel="noopener">Guangzhou Baiyun International Airport (600004 CH)</a> all exceed 2019 levels. </p>
<p>Yet outside of the Chinese airport space, where international passenger throughput has historically commanded &gt;40%+ of total throughput - up to 80% for <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> -  the outlook remains subdued, and largely uncertain.</p>
<p>Just this week, Thailand recorded its highest level of Covid-related fatalities, Taiwan is facing its first serious outbreak, and Australia's state of Victoria entered its fourth lockdown. </p>
<p>Provided airports have sufficient funds to ride out the tough times to the other side of the valley, all will undergo a major re-rate when international travel restarts. Yet the vaccine rollout - and uptake - and when international borders will reopen, remain indeterminate.</p>
<div class="content-highlight">
<p><strong>What's Original?</strong></p>
<p>This insight presents a comprehensive view of the key Chinese airports (<a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital International Airport (BCIA) (694 HK)</a>, Shenzhen Airport, <a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport (600009 CH)</a>, and <a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" data-smartkarma-citation="entities:10819:1" rel="noopener">Guangzhou Baiyun International Airport (600004 CH)</a>, together with <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-hldgs-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Hldgs (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a>, <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> and <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>.</p>
</div>

Within the hospitality-affected complex, the airline industry garners the lion's share of the negative news from the Covid fall-out. The International Air Transport Association said last month it estimates losses in 2021 of US$48bn, up from $38bn previously. And that's on top of an estimated $370bn of losses to the industry in FY20, according to the International Civil Aviation Organization.
But spare a thought for the airports which facilitate the arrival and departure of these airlines, as this crisis becomes increasingly protracted, and in many ways, deeper than many anticipated 18 months ago.
Amid the doom and gloom, there are parking bays of good news. April's domestic air passenger traffic in China was ~96% of December 2019 levels. Shenzhen Airport Co A (000089 CH) (SZAC) is at level pegging with overall traffic numbers in 2019, and domestic flow into SZAC, Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport (600004 CH) all exceed 2019 levels. 
Yet outside of the Chinese airport space, where international passenger throughput has historically commanded &gt;40%+ of total throughput - up to 80% for Airports of Thailand (AOT TB) -  the outlook remains subdued, and largely uncertain.
Just this week, Thailand recorded its highest level of Covid-related fatalities, Taiwan is facing its first serious outbreak, and Australia's state of Victoria entered its fourth lockdown. 
Provided airports have sufficient funds to ride out the tough times to the other side of the valley, all will undergo a major re-rate when international travel restarts. Yet the vaccine rollout - and uptake - and when international borders will reopen, remain indeterminate.

What's Original?
This insight presents a comprehensive view of the key Chinese airports (Beijing Capital International Airport (BCIA) (694 HK), Shenzhen Airport, Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport (600004 CH), together with Airports of Thailand (AOT TB), Malaysia Airports Hldgs (MAHB MK), Japan Airport Terminal Co (9706 JP), Sydney Airport (SYD AU) and Auckland Intl Airport (AIA NZ).


New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Auckland Airport Tasman Bubble Lands

NEUTRAL
The opening of the trans-Tasman bubble provides a welcome near term boost to Auckland Airport's (AIA) key earnings driver, international passengers (pax). Despite apparent pent up demand, early pax data from the bubble suggests Tasman pax ex transits (~31% of&nbsp;AIA's&nbsp;FY19 international pax) are currently at ~32% of pre COVID-19 levels. We expect this to build over the coming weeks and months given (1) a longer booking window, (2) increasing confidence in the bubble, (3) the combination of outbound and returning pax, and (4) rising vaccination rates. While both duty free players are now back operating at AIA, plenty of speciality stores remain closed, as pax flow remains relatively light. We expect stores to reopen and passenger spend rates to build as pax recover.&nbsp;There is still a large degree of uncertainty as to how and when the bubble develops and broader border re-openings are undertaken.&nbsp;Our revised estimates are lifted near term by the trans-Tasman bubble, but are lowered over the medium term given the likelihood of border restrictions being in place for longer.&nbsp;


What's changed?&nbsp;



Earnings:&nbsp;Upgrade to FY21 and FY22 EBITDAFI forecasts. FY23 downgraded due to slower international recovery expectation
Target price:&nbsp;Increased +30cps to NZ$7.00 reflecting near term upgrades and time value of money



Revisiting pax


We have revised our assumptions for the domestic and international travel recovery as a result of the trans-Tasman bubble. We now expect domestic pax at AIA to recover&nbsp;to 100% of pre COVID-19 levels in FY24, whilst international will take until FY26 to get back to FY19 levels. The recovery will differ&nbsp;by destination, with Australian, Pacific Island and Chinese pax expected to recover faster than long-haul destinations such as Europe and the US.


Covenant risk falls away


The opening of the trans-Tasman bubble largely mitigates any lingering covenant breach risk when next tested as at 30 June 2022. Given balance sheet&nbsp; capacity and the deferral of capex, we expect a capital return/special dividend to feature over the next few years. The re-commencement of development capex will be gradual given the trigger based approach being deployed.


Range bound


AIA appears range bound, having traded between NZ$7 and NZ$8 per share for the past six months. We expect this to continue given the battle between reopening sentiment and fundamentals, despite our (fundamental) assessment of valuation driving a target price below the current share price. AIA's current enterprise value (EV) is now just 1% shy of what it was pre COVID-19 (31 December 2019).



Andy Bowley
andy.bowley@forsythbarr.co.nz
+64 4 495 8246





Scott Anderson
scott.anderson@forsythbarr.co.nz
+64 4 914 2219



<h2>Transport Sector&nbsp;<br>​​​​​​​Blowing AIR (and AIA) into the Bubble</h2>
<p></p>
<div>
<p>The recent opening of the trans-Tasman bubble, vaccination progress, vaccine challenges, infection rate developments internationally, virus mutations, and evolving global border restrictions/requirements lead us to revisit our aviation recovery estimates. We continue to expect New Zealand’s international air travel market recovers&nbsp;to FY19 pax levels in FY26. Domestic air travel will continue to recover on a more rapid time-frame. We assume it recovers to FY19 levels in FY24. The aviation landscape is extremely dynamic, which means our forecasts come with a higher margin for error than usual. The wide gap between best and worst case scenarios mean we only plot our assumptions for a central course. Our revised model incorporates the development of the trans-Tasman bubble, potential bubble extensions, and varying risk profiles from origin and destination countries. We rate both Auckland Airport (AIA) and Air New Zealand (AIR) NEUTRAL, recognising that while both trade above our respective valuations, the trade-off between reopening sentiment and fundamentals may continue to be swayed by the former for the time being.&nbsp;&nbsp;​​​​​​​​​​​</p>
</div>
<div>
<h3>The trans-Tasman bubble</h3>
</div>
<div id="m_-5453151632252572199ikqui-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2">
<p>​​​​​​​Early pax data suggests the trans-Tasman bubble has commenced with modest demand. Pax excluding transits over the first week amounted to&nbsp;~32% of&nbsp;the equivalent period in FY19. This apparent subdued start reflects the short booking window, heightened traveller caution and the initial outbound only nature of pax. Airline capacity will build over the coming months with higher demand likely&nbsp;around school holidays and the ski season. There appears to be more initial demand from Australia than New Zealand, in part a reflection of our government’s “flyer&nbsp;beware” messaging. Current demand is dominated by the visiting friends and relatives cohort.&nbsp;&nbsp;</p>
</div>
<div>
<h3>Recovery beyond the bubble</h3>
</div>
<div id="m_-5453151632252572199ii4ei-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2">
<p>The are many variables that will dictate broader border openings beyond the bubble. Vaccination rates, the concept of “herd immunity”, international precedent and the global prevalence of COVID-19 will influence the nature and timing of re-opening, but ultimately the decision will be political. The “health first” approach taken to date by the New Zealand Government means wider border openings are unlikely in the absence of very high vaccine uptakes. We expect border re-openings to be gradual with a more scientific risk based framework accompanying the current binary "green" and "red" lanes approach.&nbsp;​​​​​​​</p>
</div>
<div>
<h3>Permanent hit to pax</h3>
</div>
<div id="m_-5453151632252572199i3n4l-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2">
<p>Added hassles, higher costs, and the apathy to travel among certain population cohorts means that propensity to fly will decline as a result of COVID-19. While pax levels will ultimately return to FY19 levels by FY26 on our estimates, total pax will be ~22% lower for international and ~18% lower for domestic compared to the level of pax suggested by historic trend growth had COVID-19 never happened. In contrast, the enterprise values (EV) of AIA and AIR are currently just -1% and -4% below that of 31 Dec 2019 respectively. Intuitively, we would expect a larger discount based on the vastly different fundamental outlooks for both companies relative to pre COVID-19 expectations. While we recognise both are trading towards the top end of their respective trading ranges, the battle between sentiment and fundamentals is far from over.&nbsp;</p>
</div>
<div>
<div>
<div><strong>Andy Bowley</strong></div>
<div><a href="mailto:andy.bowley@forsythbarr.co.nz" target="_blank" rel="noopener">andy.bowley@forsythbarr.co.nz</a></div>
<div>+64 4 495 8246</div>
<div></div>
</div>
</div>
<div>
<div>
<div><strong>Scott Anderson</strong></div>
<div><a href="mailto:scott.anderson@forsythbarr.co.nz" target="_blank" rel="noopener">scott.anderson@forsythbarr.co.<wbr>nz</a></div>
<div>+64 4 914 2219</div>
</div>
</div>

Transport Sector&nbsp; ​​​​​​​Blowing AIR (and AIA) into the Bubble


The recent opening of the trans-Tasman bubble, vaccination progress, vaccine challenges, infection rate developments internationally, virus mutations, and evolving global border restrictions/requirements lead us to revisit our aviation recovery estimates. We continue to expect New Zealand’s international air travel market recovers&nbsp;to FY19 pax levels in FY26. Domestic air travel will continue to recover on a more rapid time-frame. We assume it recovers to FY19 levels in FY24. The aviation landscape is extremely dynamic, which means our forecasts come with a higher margin for error than usual. The wide gap between best and worst case scenarios mean we only plot our assumptions for a central course. Our revised model incorporates the development of the trans-Tasman bubble, potential bubble extensions, and varying risk profiles from origin and destination countries. We rate both Auckland Airport (AIA) and Air New Zealand (AIR) NEUTRAL, recognising that while both trade above our respective valuations, the trade-off between reopening sentiment and fundamentals may continue to be swayed by the former for the time being.&nbsp;&nbsp;​​​​​​​​​​​


The trans-Tasman bubble


​​​​​​​Early pax data suggests the trans-Tasman bubble has commenced with modest demand. Pax excluding transits over the first week amounted to&nbsp;~32% of&nbsp;the equivalent period in FY19. This apparent subdued start reflects the short booking window, heightened traveller caution and the initial outbound only nature of pax. Airline capacity will build over the coming months with higher demand likely&nbsp;around school holidays and the ski season. There appears to be more initial demand from Australia than New Zealand, in part a reflection of our government’s “flyer&nbsp;beware” messaging. Current demand is dominated by the visiting friends and relatives cohort.&nbsp;&nbsp;


Recovery beyond the bubble


The are many variables that will dictate broader border openings beyond the bubble. Vaccination rates, the concept of “herd immunity”, international precedent and the global prevalence of COVID-19 will influence the nature and timing of re-opening, but ultimately the decision will be political. The “health first” approach taken to date by the New Zealand Government means wider border openings are unlikely in the absence of very high vaccine uptakes. We expect border re-openings to be gradual with a more scientific risk based framework accompanying the current binary "green" and "red" lanes approach.&nbsp;​​​​​​​


Permanent hit to pax


Added hassles, higher costs, and the apathy to travel among certain population cohorts means that propensity to fly will decline as a result of COVID-19. While pax levels will ultimately return to FY19 levels by FY26 on our estimates, total pax will be ~22% lower for international and ~18% lower for domestic compared to the level of pax suggested by historic trend growth had COVID-19 never happened. In contrast, the enterprise values (EV) of AIA and AIR are currently just -1% and -4% below that of 31 Dec 2019 respectively. Intuitively, we would expect a larger discount based on the vastly different fundamental outlooks for both companies relative to pre COVID-19 expectations. While we recognise both are trading towards the top end of their respective trading ranges, the battle between sentiment and fundamentals is far from over.&nbsp;



Andy Bowley
andy.bowley@forsythbarr.co.nz
+64 4 495 8246





Scott Anderson
scott.anderson@forsythbarr.co.nz
+64 4 914 2219



Transport Sector: ​​​​​​​ Blowing AIR (And AIA) Into the Bubble

New Zealand

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

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Auckland Intl Airport (AIA NZ)

ASX200 Sep21 Index Rebalance Preview: Large Impact Names

We see 3 potential changes to the ASX200 at the Sep rebalance with CNI, PNI and SLK being included and NXL, NRW and GEM being deleted. Passive...

Brian Freitas

BOC Aviation (2588 HK): The Stars Don't Look Bigger, but They Do Look Brighter

As downstream players continue to hemorrhage cash, over 99% of BOCAVI’s aircraft are still cash-generating. Valuation is undemanding for a high...

Stanley Tsai, CFA

Asia-Pac Airports: Ups, But Mostly Downs

Domestic passenger flow into Shenzhen Airport (000089 CH), Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport...

David Blennerhassett

Auckland Airport: Tasman Bubble Lands

Auckland AirportTasman Bubble Lands NEUTRAL The opening of the trans-Tasman bubble provides a welcome near term boost to Auckland Airport's (AIA)...

Forsyth Barr

Transport Sector: Blowing AIR (And AIA) Into the Bubble

Transport Sector Blowing AIR (and AIA) into the Bubble The recent opening of the trans-Tasman bubble, vaccination progress, vaccine...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX200 Sep21 Index Rebalance Preview: Large Impact Names

We see 3 potential changes to the ASX200 at the Sep rebalance with CNI, PNI and SLK being included and NXL, NRW and GEM being deleted. Passive...

Brian Freitas

BOC Aviation (2588 HK): The Stars Don't Look Bigger, but They Do Look Brighter

As downstream players continue to hemorrhage cash, over 99% of BOCAVI’s aircraft are still cash-generating. Valuation is undemanding for a high...

Stanley Tsai, CFA

Asia-Pac Airports: Ups, But Mostly Downs

Domestic passenger flow into Shenzhen Airport (000089 CH), Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport...

David Blennerhassett

Auckland Airport: Tasman Bubble Lands

Auckland AirportTasman Bubble Lands NEUTRAL The opening of the trans-Tasman bubble provides a welcome near term boost to Auckland Airport's (AIA)...

Forsyth Barr

Transport Sector: ​​​​​​​ Blowing AIR (And AIA) Into the Bubble

Transport Sector ​​​​​​​Blowing AIR (and AIA) into the Bubble The recent opening of the trans-Tasman bubble, vaccination progress, vaccine...

Forsyth Barr

Transport Sector: Blowing AIR (And AIA) Into the Bubble

Transport Sector Blowing AIR (and AIA) into the Bubble The recent opening of the trans-Tasman bubble, vaccination progress, vaccine...