Delhi International Airport: At a Steady Altitude

We initiate our coverage on Delhi International Airport Limited (0180331D IN) (DIA) with a NEUTRAL recommendation on the DIALIN complex on the complex’s lack of upside potential against its Indian peers. However, we simply cannot recommend selling on this name either as we believe the complex’s carry, the scarcity value of owning an airport bond, DIA’s strategic importance to the Indian and Delhi’s economies, and DIA’s long-term recurring cashflow potential offer some stability in the coupon payment ability.

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