A large increase in international passenger numbers passing through Queenstown Airport helped Auckland International Airport Ltd produce some positive statistics.
The figures are to the end of November 2011, but show that international passenger movements through Queenstown Airport rose nearly 62% on November 2010.
AIA said in a report the increase was driven by increased international routes to and from Sydney, Melbourne and the Gold Coast last year, and by more passengers.
The statistics showed that in November, 10,376 international travellers passed through Queenstown, compared with 6409 in November 2010.
More than 65,100 domestic passengers flew in and out of Queenstown in November, up 9.8% on the previous corresponding period.
International travellers flying in and out of Auckland airport increased 5% in November compared with the previous period.
Travel by New Zealanders bounced back in the month after the Rugby World Cup and was up 9.2%.
Travel from China remained strong in 2011. China Southern started daily services on November 1, 2011. Passenger numbers were up 25%.
However, Forsyth Barr has downgraded AIA from buy to accumulate as the shares are trading close to valuation at $2.59. Broker Peter Young said yesterday that, given the recent share price strength, it still had a positive investment view.
"AIA is a high-quality, high-margin business with a strong industry position that has improving earnings momentum. While there are near-term challenges given the global economic environment, we believe the New Zealand tourism outlook remains robust over the long term."
AIA had demonstrated its resilience through a challenging period and was a low-risk exposure to the New Zealand tourism recovery and growth story, Mr Young said.
The company was trading on high earnings multiples that were in line with historic averages, and those multiples reflected the quality of the stock.
The 5% growth through Auckland airport in November was in line with the rolling 12-month growth of more than 5% and slightly below the 2012 financial year growth to date of 6.6%, he said.
New Zealanders who travelled internationally increased 9.2%.
Mr Young had been encouraged by the focus on boosting air links with Asian carriers, tightening operation capital expenditure, leveraging its land bank and the success of its retail and parking strategies.
"AIA remains well positioned for any further recovery in passenger growth over the next 12 months to 24 months," he said.
