AIA has upgraded profit guidance to between $100 to $130M from $50 to $100M a few months ago following the quicker than expected passenger recovery.

"For the full 2023 financial year AIA now anticipates international passenger numbers will be between 60% and 70% of pre-Covid levels (previously 59%) and domestic passenger numbers between 85% and 90% (previously 81%)."

Still seems attractive as a defensive infrastucture and property play. The property division alone is very attractive with further developments in the pipeline. I find asset plays frustrating to hold so the conversion of this land to operating profits should see the market realise the potential over time.

AIA have released their pax numbers for November and projections for December. Unsurprisingly with Auckland in lockdown during the period, and border restrictions across most of the south Pacific, volumes in both Auckland and Queenstown were negligible. 

In consultation with airlines, the company has frozen aero charges for FY23.

Also in what seems the longest announcement (4 October) to commencement, Carrie Hurihanganui, former COO of AirNZ will be joining as the CEO. The date of commencement is still unclear.

Looking back to last FY results, AIA posted the first ever full year loss of $41.8M on the lowest pax volumes since 1972. 

Results for the six months to December 2021 are not out until 24 February, but I cannot imagine there will be much champagne on ice.