Yes, it's here finally. The unveiling of MAS' latest A380 livery was
striking; the cabin product offering is a quantum leap improvement and
on par with the industry's bests from the likes of SIA and Emirates.
This is a big step in the right direction for MAS to win back customers
and maintain its hold in the highly competitive long-haul market. No
impact to our earnings forecasts and we maintain our HOLD recommendation
and target price of MYR0.97, implying a FY13 PER of 10x, the mid-level
valuation of the aviation cycle.
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Source: Maybank Research - 8 June 2012
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