Sign in

    Pablo Monsivais • Barclays

    Pablo Monsivais's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

    Pablo Monsivais's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q2 2025

    Question

    Pablo Monsivais from Barclays questioned Vesta's confidence in leasing over one million square feet in Monterrey, given the market's recent weak net absorption compared to other regions in Mexico, and asked about the competitive outlook.

    Answer

    CEO Lorenzo Dominique Berho Carranza stated that recently delivered buildings will begin contributing significantly to income in the second half of the year. He noted that while Monterrey's net absorption is lower than in prior years, it remains positive. He expressed strong confidence, emphasizing that Vesta's only availability in the market is in newly developed, premium assets in prime locations, which are well-positioned to attract tenants.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q4 2024

    Question

    Pablo Monsivais from Barclays inquired about the leasing activity for Vesta's three new buildings in Apodaca, Monterrey, totaling 1.1 million square feet, given the recent excess capacity in that market.

    Answer

    CEO Lorenzo Dominique Berho Carranza expressed confidence in leasing the Monterrey properties, noting their completion date is Q2 2025. He highlighted that minor delays were due to upgrading building specifications with enhanced sustainable features, which he believes will attract premier tenants. Berho emphasized the project's prime location, access to infrastructure, and Vesta's strong local leasing team.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership

    Pablo Monsivais's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q2 2025

    Question

    Pablo Monsivais from Barclays inquired about the outlook for commercial revenues given the ongoing situation at Terminal 2 in Cancun and asked what percentage of tenant rents are denominated in U.S. dollars.

    Answer

    CEO Adolfo Castro Rivas explained that the Terminal 2 situation will negatively impact results for the next four quarters, until the expanded Terminal 1 reopens in Q3 2026. He clarified that commercial charges are based on passenger numbers and a percentage of sales, which are in pesos, though spending behavior is influenced by the exchange rate.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q2 2025

    Question

    Pablo Monsivais followed up on commercial revenues, asking about the expected impact from the Terminal 2 situation over the next few quarters and what percentage of tenant rents in Cancun are in U.S. dollars.

    Answer

    CEO Adolfo Castro Rivas advised that the softness related to Terminal 2 is expected to persist for the next four quarters until the new Terminal 1 expansion is complete. He clarified that commercial rent contracts are based on sales, which are in pesos, and that revenue performance is more tied to passenger spending behavior than the currency of the contracts.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q4 2024

    Question

    Pablo Monsivais asked about capacity expansion plans from U.S. carriers into Cancun for the second half of the year and if there is a specific target for commercial revenue per passenger post-MDP works.

    Answer

    Executive Adolfo Castro Rivas stated that ASUR is still awaiting summer season schedules from airlines and has no visibility on U.S. carrier plans yet. He described the commercial revenue per passenger goal as a 'moving target' with no specific number, emphasizing the current focus is on capturing lost opportunities by resolving capacity constraints in Terminal 2.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Sureste SAB de CV (ASR) leadership • Q3 2024

    Question

    Pablo Monsivais asked how traffic at the new Tulum airport is performing against expectations and inquired about the nature of discussions with U.S. carriers regarding their 2025 plans.

    Answer

    Adolfo Castro Rivas reported that Tulum Airport's traffic is in line with expectations, forecasting 1.35 million passengers for the full year. Regarding U.S. carriers, he noted that while some face aircraft shortages, conversations are positive, and they anticipate a strong winter season.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership

    Pablo Monsivais's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q2 2025

    Question

    Pablo Monsivais from Barclays asked about the extent of the authorized tariff increase that has been implemented, the timeline for future adjustments, and whether airlines have shown increased resistance to these changes.

    Answer

    CFO Saúl Villarreal stated that the first tariff increase was implemented in March 2025, with another expected in early 2026, while a 2025 adjustment is being cautiously evaluated. CEO Raúl Revuelta Musalem added that airline feedback has been 'business as usual' and consistent with past negotiations.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q1 2025

    Question

    Pablo Monsivais of Barclays PLC followed up on tariff implementation, asking for the expected timeline of future increases for modeling purposes and confirming the drivers behind the recent hike.

    Answer

    Executive Raul Musalem clarified that no further tariff changes are expected in 2025. The next increase is planned for the first quarter of 2026, contingent on market conditions like inflation and the exchange rate. He confirmed the March 1, 2025 increase was approximately 15% compared to December 2024 levels, reflecting inflation and reduced discounts.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Grupo Aeroportuario del Pacifico SAB de CV (PAC) leadership • Q4 2024

    Question

    Pablo Monsivais of Barclays asked if commercial revenues at Guadalajara Airport have normalized for 2025 or if there is still potential upside, and also requested an update on the Turks and Caicos acquisition process.

    Answer

    Executive Raul Musalem indicated potential upside for Guadalajara's commercial revenue, dependent on the international traffic mix and the maturation of new businesses like the hotel and cargo facility, which will have easier year-over-year comparisons. On the Turks and Caicos tender, he noted the government has again delayed the decision, which is now anticipated around March, but remains uncertain.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership

    Pablo Monsivais's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q2 2025

    Question

    Pablo Monsivais of Barclays PLC followed up on demand, asking about the impact of soft economic activity in Mexico on the domestic market. He also requested color on domestic pricing dynamics, particularly price sensitivity between leisure and VFR travelers.

    Answer

    President & CEO Enrique Javier Beltranena Mejicano highlighted positive macroeconomic signals like strong foreign direct investment and recovering remittances. EVP Holger Blankenstein added that in the domestic market, Volaris observes significant base fare elasticity for far-out bookings and robust close-in bookings for the high season, complemented by resilient ancillary sales.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to Controladora Vuela Compania de Aviacion SAB de CV (VLRS) leadership • Q1 2025

    Question

    Pablo Monsivais requested a historical example of Volaris adapting to a VFR downturn by shifting to other markets. He also asked for more detail on the 2025 CapEx plan and working capital needs.

    Answer

    President and CEO Enrique Beltranena cited the H1N1 crisis, the COVID-19 pandemic, and the first Trump administration period as examples of rapid VFR traffic recovery. Chief Financial Officer Jaime Pous specified the $250 million CapEx is mainly for major maintenance events and that the company is focused on preserving cash without plans for new debt for working capital.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to LATAM Airlines Group SA (LTM) leadership

    Pablo Monsivais's questions to LATAM Airlines Group SA (LTM) leadership • Q1 2025

    Question

    Pablo Monsivais asked about the impact of U.S. carriers reducing capacity on LATAM's international routes and requested color on demand for transatlantic routes by point of sale.

    Answer

    CEO Roberto Alvo Milosawlewitsch explained that the Southern Cone is less exposed to U.S. traffic dynamics and that the Delta JV provides diversification. He described transatlantic demand as strong and stable from both European and South American points of sale over the last two years.

    Ask Fintool Equity Research AI

    Pablo Monsivais's questions to LATAM Airlines Group SA (LTM) leadership • Q4 2024

    Question

    Pablo Monsivais asked about the current demand trends between corporate and leisure segments and how a potential merger of Gol and Azul might impact LATAM's corporate market share in Brazil.

    Answer

    CEO Roberto Alvo Milosawlewitsch stated that the demand mix has been stable, with both corporate and leisure segments showing healthy trends. He highlighted that LATAM's focus on on-time performance and product enhancements helped it achieve a 40.8% corporate revenue share in Brazil in 2024. He reiterated that it is too early to speculate on the potential impacts of a competitor merger.

    Ask Fintool Equity Research AI