Australia's travel stocks eye mixed end to 2022; recovery augurs better days

Web Travel

28/12/2022 23:56

** Australian travel and leisure stocks are set to finish
2022 on a mixed note as sector players struggle to bring back
travel demand to pre-pandemic levels, even as the economy
recovered and borders opened up globally 
    ** For the year so far, flag carrier Qantas Airways  QAN.AX 
adds more than 21% and is eyeing its best year in three, while
Webjet  WEB.AX  is set for its best year since 2016, gaining 21%
    ** Australia, which shut its borders in March 2020, reopened
to international visitors in February this year helping
travel-related equities that were impacted by movement
restrictions return to marginal profit growth  urn:newsml:reuters.com:*:nL1N2UI04V
    ** Analysts at Jefferies see QAN benefiting from higher
demand, and say that earnings in 2023 will be well-supported due
to its market position, rational capacity setting
    ** Corporate Travel Management  CTD.AX , however, is down
32.8%, marking its worst year since its listing in late-2010,
while Flight Centre Travel  FLT.AX  has shed 17% 
    ** Casino operator Star Entertainment  SGR.AX  is eyeing its
worst year ever, losing 50% after a year full of regulatory
probes and lawsuits over money laundering and other charges
    ** Shares in entertainment firm EVT Ltd  EVT.AX  are down
12.8% in 2022, while Ardent Leisure  ALG.AX  is up for a second
straight year to add 34.3% 
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AU Travel Stocks    https://tmsnrt.rs/3hWwA7X
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 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))