Citi says Auckland International Airport's May domestic volumes weaker than expected

Auckland International Airport

17/06/2024 20:38

** Auckland International Airport's  AIA.NZ  May domestic
passenger numbers were weaker than expected, analysts at Citi
say 
    ** Company reported domestic passenger movements of 660,019
for May; Citi says passenger numbers down 14% on FY19 levels
    ** Citi cuts FY24 traffic estimate but sees net profit after
tax to remain within company's NZ$260 mln ($159.35 mln) to
NZ$280 mln forecast range
    ** While there is some uncertainty around new regulatory
pricing regime, "we remain of view AIA's investments and
targeted return should be broadly protected" - Citi
    ** Of the 10 analysts covering the stock, 3 each rate "buy"
and "hold", while four rate "sell"; median PT is NZ$8.15 - LSEG
data
    ** AIA down 15.6% YTD, as of last close
   


($1 = 1.6316 New Zealand dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))