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Daily ShareChat: Auckland International Airport

By Jenny Ruth

Wednesday 3rd February 2010

Text too small?
 Jenny Ruth

Auckland International Airport's retail shareholders may wish until closer to the February 18 deadline before deciding whether or not to take up their rights in its $126.4 million capital raising, says ASB Securities analyst Florian Burch.

"There is (as always) a risk that adverse or positive news between now and when the follow-up book-build takes place will impact the price achieved in the book-build, which would affect any premium payable to non-participating shareholders and the discount of the entitlement price to the market price of the shares," Burch says.

A book-build for the institutional part of the one-for-16 offer was completed on Friday at $1.91 per share compared with the $1.65 a share price offered retail shareholders. However, because 99% of institutional shareholders took up their rights, very few shares were available under the book-build.

Any rights retail shareholders choose not to exercise will be sold through a similar book-build on February 22.

Burch says the airport's trading update was broadly in line with his expectations with higher revenue and lower depreciation contributing to a 3% higher than he had expected net profit of $54 million for the six months ended December.

Burch is forecasting a $98.7 million net profit for the year ending June, down from the $109.2 million result before $67.5 million in one-off costs the airport reported last year.

 

Investment rating: outperform (raised from marketperform to reflect the recent fall in the share price).

 

Daily ShareChat articles report how the main experts in the market might view a certain share and we provide this commentary as a useful resource for investors. Content on this site does not in any way constitute a recommendation to buy, hold or sell any particular share. Investors should always seek professional advice before making any investment decisions.

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Get quotes for Auckland International Airport Limited O (AIA)
NZX Annoucements for AIA
3 Mar 2010 WAV/RULE: AIA: Application for waiver from NZSX Listing Rule 7.11.1
2 Mar 2010 MONTHLY: AIA: Auckland Airport Monthly Traffic Update
2 Mar 2010 DRP: AIA: Auckland Airport Dividend Reinvestment Plan
26 Feb 2010 GENERAL: AIA: Airport welcomes accelerated Manukau Harbour crossing
26 Feb 2010 GENERAL: AIA: Auckland Airport announces Formule 1 hotel development
26 Feb 2010 HALFYR: AIA: Auckland Airport Interim Announcement
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Richard John Didsbury)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (James Bruce Miller)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Anthony Noy Frankham)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Anthony Noy Frankham)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Philip Cory-Wright)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Simon Paul Moutter)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Andrew Peter Pirie)
25 Feb 2010 RELINT: AIA: Ongoing Disclosure Notice (Anthony Edward Andrew Gollin)
25 Feb 2010 ALLOT: AIA: Notice of issuance of securities
25 Feb 2010 ALLOT: AIA: Notice of issuance of securities
22 Feb 2010 HALT: AIA: Trading Halt of Securities Lifted
22 Feb 2010 GENERAL: AIA: Retail Bookbuild Completion Announcement
22 Feb 2010 HALT: AIA: Trading Halt of Securities
19 Feb 2010 GENERAL: AIA: Retail Offer Completion Announcement
12 Feb 2010 GENERAL: AIA: Advisory Auckland Airport interim results
12 Feb 2010 GENERAL: AIA: Auckland Airport to defend Craigie Trust Appeal
10 Feb 2010 GENERAL: AIA: Auckland Airport wins Frost and Sullivan Award
5 Feb 2010 RELINT: AIA: Ongoing Disclosure Notices (M Bogoievski & H Morrison)
5 Feb 2010 ALLOT: AIA: Amended Appendix 3B
5 Feb 2010 ALLOT: AIA: Notice Of Issue Of Securities
5 Feb 2010 MONTHLY: AIA: Auckland Airport Monthly Traffic Update
5 Feb 2010 ALLOT: AIA: AIAL Appendix 3B
2 Feb 2010 WAV/RULE: AIA: Application for waivers
2 Feb 2010 HALT: AIA: Trading Halt Lifted
2 Feb 2010 HALT: AIA: Trading Halt of Securities Lifted
29 Jan 2010 RIGHT: AIA: Auckland Airport successful institutional bookbuild
29 Jan 2010 RIGHT: AIA: Auckland Airport successful institutional offer
28 Jan 2010 SSH: AIA: SSH (New Zealand Superannuation Fund Nominees Limited)
27 Jan 2010 GENERAL: AIA: Auckland Airport Notice 708AA (2)(F)
27 Jan 2010 HALT: AIA: Trading Halt of Securities
27 Jan 2010 RIGHT: AIA: Auckland Airport Share Offer
27 Jan 2010 HALT: AIA: Trading Halt of Securities
13 Jan 2010 ASSET: AIA: Auckland Airport settles purchase of stake
12 Jan 2010 CREDIT: AIA: AIA Standard & Poors announcement
11 Jan 2010 ADDRESS: AIA: AIA Cairns/Mackay Investor Presentation
11 Jan 2010 ASSET: AIA: Auckland Airport - Cairns and Mackay Airports

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