08th August 2011
Top Story: AirAsia – 2QFY12/11 results to trail consensus Market Perform
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¨ We expect 2QFY12/11 results to meet our forecast but trail the market expectations.
¨ We expect 2QFY12/11 core PBT to come in at RM90-100m, down 21-29% yoy, on the back of an estimated 33% jump in average jet fuel cost and a 2.8% sequential drop in average passenger revenue, partially offset by an actual 3.6% sequential increase in the number of passengers carried.
Sector Call
Transport : Khazanah to own Tune Air, Tune Air to own MAS? Neutral
Sector Update
¨ The Edge Malaysia reported that MAS will rope in Tony Fernandes via Tune Air subscribing a stake in MAS of up to 20%. This is conditional upon Khazanah acquiring from Tony & Co a stake in Tune Air.
¨ The deal, if materialises, is positive to AirAsia as: 1) It is done at the shareholder level that means AirAsia's P&L and balance sheet are intact; and 2) Reduced competition with MAS will mean higher yields to AirAsia.
Telecoms: Roaming in Singapore gets cheaper Overweight
SectorUpdate
¨ U Mobile is stepping up competition in the Malaysia-Singapore roaming market by enticing travelers with much lower roaming charges priced at local Singapore rates. Based on the rates gathered early this month, U Mobile is pricing its roaming charges at 30-80% for voice and 60% for SMS of the incumbents' pricing.
Corporate Highlights
Fajarbaru : Acquiring 6.8-Acre land in Puchong Kinrara area for RM39.9m Outperform
News Update
- Fajarbaru is acquiring a piece of 6.8-acre freehold agricultural land zoned for residential development between Bandar Kinrara and Bukit Jalil for RM39.9m cash.
- Fajarbaru intends to build residential properties on the land with an estimated GDV of RM300-400m.
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