Macquarie rates Sydney Airport (SYD Outperform) - December traffic points to a good CY13

Macquarie rates Sydney Airport (SYD Outperform) - December traffic points to a good CY13. For 2H13, international traffic was 4.5% (MRE 4.5%) and CY13 +4.1%. Domestic traffic was +1.3% (MRE 0.8%) and CY13 +1.9%. At this stage the constraint to our expectation in CY14 is international traffic growth slowing in 2H/14 to ~2.9% and domestic being flat in CY14. SYD offers one of the strongest cashflows per share within the infrastructure and utilities sector at 6-8%pa over the coming three years. Outperform.