** Shares in Latin America's largest airline, carrier LATAM LTM.SN, climb 2% around mid-day in Santiago after reporting record annual results

** Net income in the fourth quarter more than tripled to $272 million, from revenues which ticked up some 4%

** "LATAM continues to show best-in-class figures," analysts at J.P. Morgan write

** The board will also consider a share buyback of up to $150 million, "considering the current share ADR price may be undervalued compared to historic multiples," CEO Roberto Alvo tells analysts

** LATAM ADRs LTM tick up 1% in New York to $30.66 apiece

** LATAM sees healthy travel demand, with opportunity to grow its JV with Delta DAL.N in Ecuador and Colombia though it acknowledges recent "overcapacity" in Colombia's domestic market

** LATAM does not see significant evidence of new entrants into the markets where it operates, according to execs, appearing to shrug off reports that new open-skies agreements to allow foreign airlines to operate domestically in countries such as Brazil could come to fruition

** LATAM's Chilean shares have climbed 9% this week, rising in anticipation of the results

(Reporting by Kylie Madry; Editing by Sarah Morland)

((Kylie.Madry@thomsonreuters.com))