SINGAPORE (Oct 7): Investors looking for stable operating cash flow, low multiples, growth and a deep discount to book need look no further than relatively under-the-radar Chinese airport operator Regal International Airport Group. What’s the downside? Its association with the troubled HNA Group.

If the HNA name is too toxic, other airports that deliver decent yields and have sustainable cash flows and strong moats are Airports of Thailand (AOT) and Malaysia Airports Holdings (MAHB), despite its bad press.

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