Slight improvement, more needed. MYR357m (+5.9% YoY, -54.5%) core net
loss was within our MYR332m loss forecast, but below consensus. The
impact of 13% higher jet fuel price YoY, a soft yield environment and
on-going business restructuring costs made it a very challenging quarter
for MAS. There was some disclosure on its funding plans, which should
provide adequate capital for at least 1.5-2.0 years,
by our estimate. We upgrade MAS to a Hold as the share price is close to
our revised TP of MYR0.97 (-3%) post results housekeeping, pegged to
10x 2013 PER, which is the mid-level valuation of the aviation cycle.
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Source: Maybank Research - 23 May 2012
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