Sydney Airport cut to Hold
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Sydney Airport has been on a tear since its latest traffic statistics, released on 18 October, which showed a 3.7% increase in international passengers in September alongside a 0.3% fall in domestic passengers, to give an overall 0.8% rise. In the calendar year to date, total passengers have risen 2.8%.
The stock is up 10% since Sydney Airport: Interim result 2013 on 23 Aug 13 (Buy – $3.82) and 32% since we upgraded to Long Term Buy in The 'high yield & safe' mini-portfolio on 1 Feb 13 (Long Term Buy – $3.18).
At the current price of $4.19 – 5% above our Buy price – the stock yields an unfranked 5.4%, based on guidance for the current year, which is plenty of reason to Hold, but probably not enough to Buy. As a result, we're downgrading to HOLD.
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