Provisions, impairment and one-off charges. The 2011 reported net loss
of RM2,521m was the biggest in MAS' history. However, stripping out
RM1,258m for provisions, impairment and stock obsolescence, the core net
loss was RM1,263m (+301% YoY). This was 4% better than our full-year
forecast and 4% lower than consensus. We maintain our Hold call with a
target price of RM1.55, pegged to 6.0x 2012 adjusted EV/EBITDAR – on par
with Asia Pacific airline peers.
Maybank Research 1 March 2012
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