Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Grupo Aeroportuario del Pacifi / Equity Bottom-Up

<ul><li>Mexican Air transport sector posted positive quarterly results.</li><li>The company’s efforts to contain costs and a better tariff environment compared to 3Q23 resulted in margin expansions.</li><li> VOLAR reported the most robust results at the operating level, beating our estimates, with EBITDAR growing double-digit.</li></ul>

Mexican Air transport sector posted positive quarterly results.The company’s efforts to contain costs and a better tariff environment compared to 3Q23 resulted in margin expansions. VOLAR reported the most robust results at the operating level, beating our estimates, with EBITDAR growing double-digit.

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

<ul><li>Operating Revenues of P$6.7bn were driven by solid non-aeronautical growth.</li><li>Total operating sales growth of 6% YoY was driven by a solid 39% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).</li><li>In contrast, aeronautical revenues (69% of total) decreased 4% YoY because of a 6% contraction in total PAX, negatively impacted by fleet grounding due to P&W issues.</li></ul>

Operating Revenues of P$6.7bn were driven by solid non-aeronautical growth.Total operating sales growth of 6% YoY was driven by a solid 39% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).In contrast, aeronautical revenues (69% of total) decreased 4% YoY because of a 6% contraction in total PAX, negatively impacted by fleet grounding due to P&W issues.

GAPB MM - Actinver Research - GAP 3Q24: Positive Results, In line with our estimates (Quick View)

<ul><li>During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.</li><li>The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels.</li><li> Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.</li></ul>

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels. Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Mexico

Grupo Aeroportuario del Pacifico SAB de CV operates and maintains airports in the Pacific and central regions of Mexico.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Grupo Aeroportuario del Pacifi (GAPB MM)

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

Mexican Air transport sector posted positive quarterly results. The company’s efforts to contain costs and a better tariff environment compared to...

Actinver

GAPB MM - Actinver Research - GAP 3Q24: Positive Results, In line with our estimates (Quick View)

Operating Revenues of P$6.7bn were driven by solid non-aeronautical growth. Total operating sales growth of 6% YoY was driven by a solid 39% YoY...

Actinver

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as...

Actinver

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)