Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Thematic (Sector/Industry)

<ul>
<li>We mapped the impact of Russia-Ukraine war on aviation companies and compared it against the current Israel-Hamas war. The trends are uncannily similar </li>
<li>Downside pressure lasts for two weeks, followed by a recovery. This suggests good short-term trading opportunities  </li>
<li>Stocks that exhibits deep value are <a href="https://www.smartkarma.com/entities/us-global-jets-etf" target="_blank" data-smartkarma-citation="entities:32756:1" rel="noopener">US Global Jets ETF (JETS US)</a>, <a href="https://www.smartkarma.com/entities/grupo-aeroportuario-cen-adr" target="_blank" data-smartkarma-citation="entities:28565:1" rel="noopener">Grupo Aeroportuario Cen-Adr (OMAB US), </a><a href="https://www.smartkarma.com/entities/grupo-aeroport-del-sureste-b" target="_blank" data-smartkarma-citation="entities:27377:1" rel="noopener">Grupo Aeroport Del Sureste-B (ASURB MM), and Aeroportua Del Pacifica (GAPB MM)</a>
</li>
</ul>


We mapped the impact of Russia-Ukraine war on aviation companies and compared it against the current Israel-Hamas war. The trends are uncannily similar 
Downside pressure lasts for two weeks, followed by a recovery. This suggests good short-term trading opportunities  
Stocks that exhibits deep value are US Global Jets ETF (JETS US), Grupo Aeroportuario Cen-Adr (OMAB US), Grupo Aeroport Del Sureste-B (ASURB MM), and Aeroportua Del Pacifica (GAPB MM)



The Cockpit View: The Effect of War and Geopolitics on Aviation Companies

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>The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues.</li><li>However, higher labor costs result in a margin contraction.</li><li> GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA.</li></ul>

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues.However, higher labor costs result in a margin contraction. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA.

Actinver Research - Transport Sector 3Q25 Review: Solid Top Line but With EBITDA Margin Contraction

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.</li>
<li>The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.</li>
<li>There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.</li>
</ul>


The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.
There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.


WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

<ul><li>The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.</li><li> GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.</li><li>The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.</li></ul>

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.

Grupo Aeroportuario del Pacifi - Actinver Research - Transport Post 2Q25 Update

<ul><li>The Mexican transport sector posted another quarterly result with solid top-line performance.</li><li>However, a better tariff environment and diversified revenues were not enough to compensate for margin contractions.</li><li> GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and ASUR.</li></ul>

The Mexican transport sector posted another quarterly result with solid top-line performance.However, a better tariff environment and diversified revenues were not enough to compensate for margin contractions. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and ASUR.

Grupo Aeroportuario del Pacifi - Actinver Research

Mexico

Grupo Aeroportuario del Sureste S.A.B. de C.V. operates airports in Mexico.  The Company holds 50 year concessions, beginning in 1998, to manage airports in Cancun, Cozumel, Merida, Oaxaca, Veracruz, Huatulco, Tapachula, Minatitlan, and Villahermosa.

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Grupo Aeroport Del Sureste-B (ASURB MM)

The Cockpit View: The Effect of War and Geopolitics on Aviation Companies

Comparing the impact of the Russia-Ukraine war on aviation companies to the current Israel-Hamas war reveals similar trends, suggesting trading...

Mohshin Aziz

Actinver Research - Transport Sector 3Q25 Review: Solid Top Line but With EBITDA Margin Contraction

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and...

Actinver

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

There are 217 adds/224 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.3bn and there are a...

Brian Freitas

Grupo Aeroportuario del Pacifi - Actinver Research - Transport Post 2Q25 Update

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and...

Actinver

Grupo Aeroportuario del Pacifi - Actinver Research

The Mexican transport sector posted another quarterly result with solid top-line performance. However, a better tariff environment and diversified...

Actinver

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Cockpit View: The Effect of War and Geopolitics on Aviation Companies

​Comparing the impact of the Russia-Ukraine war on aviation companies to the current Israel-Hamas war reveals similar trends, suggesting trading...

Mohshin Aziz

Actinver Research - Transport Sector 3Q25 Review: Solid Top Line but With EBITDA Margin Contraction

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and...

Actinver

WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade

There are 217 adds/224 deletes for the WisdomTree Emerging Markets High Dividend Index. The round-trip trade is around US$2.3bn and there are a...

Brian Freitas

Grupo Aeroportuario del Pacifi - Actinver Research - Transport Post 2Q25 Update

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and...

Actinver

Grupo Aeroportuario del Pacifi - Actinver Research

The Mexican transport sector posted another quarterly result with solid top-line performance. However, a better tariff environment and diversified...

Actinver

Comparing the impact of the Russia-Ukraine war on aviation companies to the current Israel-Hamas war reveals similar trends, suggesting trading...