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From the Current Issue

Aviation moving toward digitalization, electrification and sustainability

by Kali Persall

In the not-so-distant past, the idea that waterfalls, butterfly gardens and canopy bridges could find a home within an airport — the most unlikely of places — may have been chalked up to science fiction. But these features are real, and they reside in Singapore’s Changi Airport, one of the largest air hubs in Asia. In the Jetsons-style universe that is fast becoming our reality, airlines have chief digital officers instead of chief information officers; commercial airplanes run on hydrogen or feedstock rather than jet fuel; and AI powers every aspect of the traveler experience. These innovations represent a larger transformation taking place within the aviation sector — a response to the growing need to modernize and decarbonize.

From the Current Issue

Confidence in global listed infrastructure continues

by Emily Foshag and Nina Liu

After a year in which defensive stocks suffered disproportionately from the higher-for-longer interest rate narrative, we believe listed infrastructure is attractively valued to start 2024. Valuations look cheap relative to equities, with the stocks trading near levels seen during the global financial crisis. This is despite the bounce we saw at the end of 2023, when a series of softer inflation prints and weaker economic data catalyzed a sharp pullback in bond yields. Listed infrastructure also looks attractively priced relative to unlisted infrastructure assets, with average trading multiples for listed infrastructure companies at an estimated 30 percent discount to the latest available private infrastructure transaction data.

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