Investment Implications of Accelerated Passenger Growth for the Three Public Operators in Mexico.

Grupo Aeroportuario Del Sureste (ASR-NYSE, $145.04). 2015 total throughput forecast to grow by more than 12%. Buy for potential share split and inclusion in portfolios by institutional holders.

Grupo Aeroportuario Del Centro Norte (OMAB-NASDAQ, $40.76) 2015 total throughput forecast to grow by more than 13%. Buy for potential dividend increase and potential investment by small/mid cap managers.

Grupo Aeroportuario Del Pacific (PAC-NYSE, $67.00). Buy for rebound in traffic volumes through the Los Cabos airport concessions. Tailwind should be more evident in Q2, 2015.

All operators are held by Gnostic Capital Management portfolios.