AUCKLAND INTERNATION

AIA
End-of-day quote. End-of-day quote  - 04/22
7.5NZD -0.13%

Auckland International Airport : Morgan Stanley rates AIA as Equal-weight

02/18/2021 | 06:31pm

Auckland International Airport's loss was largely in line with expectation, as was full year guidance. Unsurprisingly, no dividend was declared, and the broker sees a cut to FY21 capex plans as prudent. Liquidity is down but still ample.

While the company is backing domestic reslience, a Trans-Tasman bubble will require sufficient vaccinations on both sides, which the broker doesn't see until 2022. Thereafter, it's all about a full border reopening and tourists flooding back, but the broker retains Equal-Weight on this unknown.

Target falls to NZ$7.17 from NZ$7.37. Industry view: Cautious.

Sector: Transportation.

Current Price is $6.35. Target price not assessed.

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