Grupo Aeroportuario del Sureste, S. A. B. de C. V.

What does it do?

Grupo Aeroportuario del Sureste, known as ASUR, runs nine airports across southeastern Mexico, including Cancún — one of the busiest tourist destinations in the world. Think of them as the landlord of the sky: every plane that lands, every passenger that walks through the gate, every shop inside the terminal generates money for them. They also operate airports in Puerto Rico (through a subsidiary called Aerostar) and Colombia (through Airplan). If you've ever flown into Cancún for a beach holiday, you've been their customer.

How does it make money?

ASUR makes money in two main ways: aeronautical revenues (fees charged to airlines for landing, parking aircraft, and processing passengers) and non-aeronautical revenues (rent from shops, restaurants, parking lots, and VIP lounges inside terminals). Cancún alone drives the bulk of earnings, given its massive tourist traffic — millions of international passengers pass through each year. Revenue grew from roughly $31.3B Mexican pesos the prior year to $37.2B pesos most recently, a jump of nearly 19%, showing that more passengers and higher fees are both working in their favor. Net income came in at $10.5B pesos, meaning the company kept about 28 cents of profit for every peso it earned — a healthy margin.

Why do investors care?

The growth story here is simple: more tourists flying into Mexico and the Caribbean means more revenue for the airports they must pass through, and ASUR holds the exclusive concessions. Cancún continues to attract record tourist numbers, and the Colombian airports add diversification as that market grows. For the thesis to work, international travel demand needs to stay strong, the Mexican peso must not collapse against the dollar (hurting reported results for US investors), and the Mexican government needs to keep renewing and honoring those concession agreements.