Opportunities in Volatile Markets
Portfolio Manager David Grace provides a closer look at some of the companies recently added to the AFIC portfolio along with additions made to existing holdings.
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Auckland Airport is the third busiest international airport in Australasia. More than three-quarters of all international visitors to New Zealand arrive here, with 20.5 million passengers having travelled through our terminals in the past 12 months. We play a significant role in supporting New Zealand businesses, with around $15 billion worth of freight passing through the airport every year. Around 15,000 people, across more than 100 businesses, work in and around us. The wider airport precinct features a world-class business park, commercial office buildings, transport and logistics warehouses, hotels and leisure and recreation facilities.
We are proud of what has been achieved at Auckland Airport since it opened in 1966. Today, we are focused on making Auckland an aviation hub for New Zealand and the Pacific Rim, and on being able to accommodate the increasing number of passengers and aircraft wanting to use Auckland Airport. Implementation of our 30-year vision to build the “airport of the future” is well underway. It’s creating jobs, boosting tourism and household incomes and lifting our regional economy and we are playing our part in maintaining New Zealand’s reputation as one of the world’s great travel destinations.
Portfolio Manager David Grace provides a closer look at some of the companies recently added to the AFIC portfolio along with additions made to existing holdings.
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Partical takeover offer for Auckland Airport scrapped after govt steps in
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The New Zealand Government has tightened the country’s foreign investment rules in response to a partial takeover offer from a Canadian pension fund manager, for 40% of Auckland International Airport.
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Credit Suisse raises its rating for Auckland International Airport to Outperform from Neutral. The target price rises to $7.50 from $6.90.
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The broker lowers operating earnings estimates by -33% for FY22 and -8% for FY23 mainly on lower international passenger volumes and a slower re-opening of NZ borders. Sell rating and NZ$6.65 target unchanged.
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Maquarie retains its Outperform rating and target price of NZ$8.20.
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