3Q11: More losses?
High fuel coupled with soft yields. MAS will release its 3Q11 results
in late Nov. We expect 3Q11 to be loss-making due to the impact of
45% higher fuel price YoY and the globally soft yield environment. The
challenging global economy is undermining business activity, business
confidence and the sentiment to travel. Against this backdrop, we have
lowered our earnings forecasts and downgrade MAS to a Hold (from
Buy) with a new target price of RM1.55 (from RM2.70)
Maybank research (18 November 2011)
Click here for full report »
No comments:
Post a Comment