Yields, fuel and slow motivation. 4Q11 is expected to be severely
loss-making due to the impact of a 38% higher fuel price YoY and a weak
yield environment. We have been monitoring MAS' fares and notice that it
is lower than those of competitors by a wide margin. We maintain our
Hold call with a target price of RM1.55, pegged to 6.6x 2012 adjusted
EV/EBITDAR - on par with Asia Pacific airline peers.
Maybank Research 10 Feb 2012
Click here for full report
No comments:
Post a Comment