Bank of America Highlights Three Global Airport Stocks for Growth Potential

Bank of America analysts have identified three international airport operators—Grupo Aeroportuario del Sureste (ASUR), GMR Airport, and Beijing Capital Airport—as stocks positioned for growth, according to a recent research note. The bank's analysis highlights distinct catalysts for each company, ranging from strategic acquisitions and rising travel demand to significant operational turnarounds.

ASUR: Diversification and Non-Regulated Revenue

BofA named ASUR as its preferred Mexican airport operator, pointing to its extensive geographic diversification. The company's footprint is set to expand significantly with the announced acquisition of Companhia de Participacoes em Concessoes (CPC), which will add 45 million passengers across 20 airports in Brazil, Ecuador, Costa Rica, and Curacao.

According to the note, ASUR's strengths include:

• A current portfolio of nine airports in Mexico, six in Colombia, one in Puerto Rico, and retail operations at three U.S. airports.
• A balanced traffic mix of 63% domestic and 37% international passengers.
• The highest exposure to non-regulated revenues among Mexican airport groups, which have no potential upside limit.

Analysts also highlighted a plan to internalize technical services, a move expected to streamline operations and enhance profitability. The company recently reported a 2.2% year-over-year revenue increase for the first quarter of 2026.

GMR: Riding India's Travel Boom

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For GMR Airport, BofA's buy thesis centers on its strategic position within the rapidly growing Indian aviation market. The operator of Delhi and Hyderabad airports is well-placed to benefit from both domestic travelers switching from rail to air and increasing international travel demand.

The bank sees further upside in GMR's non-aeronautical operations, including rising duty-free spending and real estate development opportunities. GMR reported a 36% year-on-year growth in total income for the fourth quarter of fiscal year 2026 and its first annual profit in over a decade. Near-term catalysts include a rebound in traffic at Hyderabad and a potential recovery in international flights at Delhi.

Beijing Capital: A Turnaround Story

BofA described Beijing Capital Airport as a turnaround opportunity. After suffering losses from the diversion of traffic to Daxing Airport and the impact of the pandemic, the operator is now seeing a path to recovery. Growth is expected to accelerate as the Civil Aviation Administration of China (CAAC) has approved additional slots.

Analysts noted that management's focus on cost control, light capital expenditures of around RMB300-500 million in the coming years, and a new duty-free contract signed in late 2025 are positive factors. The stock is trading at a 0.5x 2026E price-to-book ratio, which BofA noted is approximately two standard deviations below its historical average since 2017.