Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.'s (OMA) 2Q 09 fiscal performance deteriorated under the dual pressure of the weakened economy and swine flu outbreak. However, we believe current price levels discount these factors and considering the increased risk appetite for equity investments amongst global investors we view the stock as fairly valued at current levels. Hence we maintain our HOLD rating for the common stock. We will reassess the…

The outbreak of the swine flu virus in Mexico and the risk of a pandemic across the globe is expected to result in travel restrictions to and from Mexico. Consequently, we expect a significant decline in passenger traffic at Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.’s (OMAB) airports. Given the high perceived risk, although the target price does not support a SELL rating, we downgrade the OMAB common stock from a BUY to a SELL....

Although Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.’s (OMAB) 4Q 08 revenues marginally exceeded our estimate, operating profitability was in line with our estimate and adjusted1 net income fell below our expectations given higher than anticipated income tax expenses incurred during the quarter. Although our target price does not support a HOLD rating, given lower than expected 4Q 08 results and our expectation that economic conditions will continue…