Auckland International Airport's loss was largely in line with expectation, as was full year guidance. Unsurprisingly, no dividend was declared, and the broker sees a cut to FY21 capex plans as prudent. Liquidity is down but still ample.

While the company is backing domestic reslience, a Trans-Tasman bubble will require sufficient vaccinations on both sides, which the broker doesn't see until 2022. Thereafter, it's all about a full border reopening and tourists flooding back, but the broker retains Equal-Weight on this unknown.

Target falls to NZ$7.17 from NZ$7.37. Industry view: Cautious.

Sector: Transportation.

Current Price is $6.35. Target price not assessed.

© 2021 Acquisdata Pty Ltd., source FN Arena