TAVHL March 2023 Traffic highlights (Oyak Yatırım)

TAV Airports’ March 2023 traffic release included that airports operated by the company served 5.1mn passengers up by 29% y/y and reached 93% of March 2019 when Almaty is included in 2019 for making comparison more meaningful. In March 2023, TAV operated airports in Turkiye served 2.7mn pax (1.0mn international, 1.8mn domestic) up by 22% y/y (int’l: +56% y/y, domestic: +9% y/y) and reached 80% of March 2019 (int’l: 119%, domestic: 68%). Turkiye’s most important tourist destination Antalya Airport’s March international pax figure of 0.6mn was up by 70% y/y and 19% above 2019. Less value creating domestic pax should have continued to be affected by earthquake which took place in the beginning of February. As per our calculations, in March 2023 total passengers who used TAV operated airports in Turkiye reached aforementioned 80% of 2019.
Regarding TAV operated airports abroad, in March 2023, TAV operated airports served 2.3mn pax (i.e Medinah: 0.9mn/ Almaty: 0.7mn/Georgia: 0.3mn) up by 40% y/y and surpassed March 2019 level by 14% when we include Almaty in March 2019 to make comparison meaningful. Umrah should have supported Medinah traffic and in general airports abroad’s record is robust. It is also noteworthy that main revenue driver of Almaty Airport is international ATM (also supported by after Russia-Ukraine tension era) and was up by 54% y/y and materialised at 27% above its March 2019 level.
Cycling 1Q22’s Omicron linked weak base, 1Q23’s y/y pax growth became 42% (international +74%, domestic +18%) and should support operator’s quarterly results which are planned to be released on 25th April. Despite being little early due to changes in booking curves (since last minute travels have increased), geopolitics, earthquake related news flow and TL impact (annual depreciation of TL against EUR is c32% as per latest data) on demand, tourism related news flow will act as main catalysts for the stock as hot seasons approach.


Oyak Yatırım Menkul Değerler A.Ş.
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 Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.