Copa Still Showing Positive Trends Through 3Q

Copa Holdings (Airlines) CPA released its August traffic statistics Tuesday, and Citigroup believes the findings to be marginally positive. Revenue passenger miles (RPMs) increased +12% y/y as capacity increased +13.5% and the load softened by -0.9 points y/y, but is still healthy at 75%, Citigroup reports. Combining July and August data, Citigroup calculates that Copa's system-wide RPS growth for the period is up +15.5% y/y and right in line with its 3Q growth forecast of 15.2%. Copa Holdings closed yesterday at $51.27.