ASR - Grupo Aeroportuario Del Sureste Will Recover But It May Be A Bumpy Ride

• Like other airport operators, ASUR has seen a sharp decline in revenue as passenger traffic has cratered in the wake of COVID-19.
• With its much greater leverage to tourist destinations and much higher-than-average non-aero revenue leverage, ASUR could see a slower, choppier recovery as domestic business travel may recover first.
• ASUR's Master Development Plan will be renegotiated, but a new plan likely won't be in place until sometime in 1H'21, and there are uncertainties as to the capex spending requirements.
• ASUR does look priced for a respectable return today, but I think one of its peers is even more appealing, particularly with less potential volatility in the business model.

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