深圳机场(000089)

SACL's pax traffic growth accelerated to 10.9% YoY in Oct-17, from 7.0% in Sep-17, thanks to strong travel demand during the long holiday. YTD, pax throughputgrew 8.2% YoY, up from 5.0% in 10M16.

Aircraft traffic growth improved to 8.5% YoY, following 6.3% in Sep-17, withslightly higher average daily landings of 952 (vs. 950 in Sep-17). Average pax peraircraft also increased to 138, from 131 in Sep-17. In 10M17, total aircraftmovement grew 7.1% YoY, higher than 3.2% in 10M16.

Cargo/mail volume declined -2.3% YoY, vs. +1.3% in Sep-17, due mainly to fewerworking days in Oct-17 vs. Oct-16. In 10M17, volume growth normalized to 3.9%YoY, from 9.8% in 10M16