Highlights
KLSE: AIRASIA (5099)       AIRASIA GROUP BHD MAIN : Consumer
Last Price Today's Change   Day's Range   Trading Volume
1.66   0.00 (0.00%)  1.64 - 1.68  9,430,300
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Ann. Date Name Details of Changes Securities After Change View
Date Type No. of Shares Price Direct (%) Indirect (%) Total (%)
24-May-2018 EMPLOYEES PROVIDENT FUND BOARD 21-May-2018 Notice of Person Ceasing 1,500,000 0.000 0.00 0.00 0.00 View Detail
26-May-2017 EMPLOYEES PROVIDENT FUND BOARD 23-May-2017 Notice of Person Ceasing 6,174,800 0.000 0.00 0.00 0.00 View Detail
31-Jan-2017 EMPLOYEES PROVIDENT FUND BOARD 25-Jan-2017 Notice of Person Ceasing 0 0.000 0.00 0.00 0.00 View Detail
03-Aug-2016 EMPLOYEES PROVIDENT FUND BOARD 29-Jul-2016 Notice of Person Ceasing 4,000,000 0.000 0.00 0.00 0.00 View Detail
13-Jun-2016 EMPLOYEES PROVIDENT FUND BOARD 08-Jun-2016 Notice of Person Ceasing 2,430,600 0.000 0.00 0.00 0.00 View Detail
28-Apr-2016 WELLINGTON MANAGEMENT GLOBAL HOLDINGS, LTD. 19-Apr-2016 Notice of Person Ceasing 18,471,800 0.000 0.00 0.00 0.00 View Detail
28-Apr-2016 WELLINGTON MANAGEMENT GROUP LLP 19-Apr-2016 Notice of Person Ceasing 18,471,800 0.000 0.00 0.00 0.00 View Detail
28-Apr-2016 WELLINGTON INVESTMENT ADVISORS HOLDINGS LLP 19-Apr-2016 Notice of Person Ceasing 18,471,800 0.000 0.00 0.00 0.00 View Detail
28-Apr-2016 WELLINGTON MANAGEMENT INTERNATIONAL, LTD 19-Apr-2016 Notice of Person Ceasing 18,471,800 0.000 0.00 0.00 0.00 View Detail
28-Apr-2016 WELLINGTON GROUP HOLDINGS LLP 19-Apr-2016 Notice of Person Ceasing 18,471,800 0.000 0.00 0.00 0.00 View Detail
10-Mar-2016 EMPLOYEES PROVIDENT FUND BOARD 07-Mar-2016 Notice of Person Ceasing 7,306,000 0.000 0.00 0.00 0.00 View Detail
28-Aug-2015 SECURITIES FUNDS MANAGED BY SKAGEN AS 25-Aug-2015 Notice of Person Ceasing 21,300,500 0.000 0.00 0.00 0.00 View Detail
04-Aug-2015 WELLINGTON MANAGEMENT COMPANY LLP 20-Jul-2015 Notice of Person Ceasing 7,961,900 0.000 0.00 0.00 0.00 View Detail
07-May-2012 KHAZANAH NASIONAL BERHAD 04-May-2012 Notice of Person Ceasing 277,650,600 0.000 0.00 0.00 0.00 View Detail
02-Feb-2012 GENESIS SMALLER COMPANIES SICAV 31-Jan-2012 Notice of Person Ceasing 8,289,100 0.000 0.00 0.00 0.00 View Detail
26-May-2011 WELLINGTON MANAGEMENT COMPANY, LLP 23-May-2011 Notice of Person Ceasing 1,383,500 0.000 0.00 0.00 0.00 View Detail
08-Feb-2011 WELLINGTON MANAGEMENT COMPANY, LLP 02-Feb-2011 Notice of Person Ceasing 2,083,469 0.000 0.00 0.00 0.00 View Detail
10-Jan-2011 WELLINGTON MANAGEMENT COMPANY, LLP 06-Jan-2011 Notice of Person Ceasing 864,500 0.000 0.00 0.00 0.00 View Detail
23-Dec-2010 WELLINGTON MANAGEMENT COMPANY, LLP 17-Dec-2010 Notice of Person Ceasing 3,028,100 0.000 0.00 0.00 0.00 View Detail
23-Jun-2010 NOMAD INVESTMENT PARTNERSHIP L.P. 22-Jun-2010 Notice of Person Ceasing 1,050,000 0.000 0.00 0.00 0.00 View Detail
02-Jul-2008 T. ROWE PRICE ASSOCIATES, INC. 26-Jun-2008 Notice of Person Ceasing 142,792,400 0.000 0.00 0.00 0.00 View Detail
28-Dec-2007 SEE REMARKS 21-Dec-2007 Notice of Person Ceasing 9,820,300 0.000 0.00 0.00 0.00 View Detail
29-Aug-2007 WELLINGTON MANAGEMENT COMPANY, LLP 22-Aug-2007 Notice of Person Ceasing 1,585,000 0.000 0.00 0.00 0.00 View Detail
03-Mar-2006 SAMI ALI A. SINDI 02-Mar-2006 Notice of Person Ceasing 58,964,751 0.000 0.00 0.00 0.00 View Detail
03-Mar-2006 CRESCENT AIR ASIA INVESTMENTS, LTD (CR-120334) 02-Mar-2006 Notice of Person Ceasing 58,964,751 0.000 0.00 0.00 0.00 View Detail
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  101 people like this.
 
Victor Yong all tony's IPO merugikan investors kecuali airasia :p
10/12/2019 5:47 PM
Victor Yong average upside masih ada 53sen :)

Market Cap: 5,548 Million
NOSH: 3,342 Million
Avg Volume (4 weeks): 6,152,055
4 Weeks Range: 1.65 - 1.94
4 Weeks Price Volatility (%):
3.45%
52 Weeks Range: 1.65 - 3.29
52 Weeks Price Volatility (%):
0.61%
Average Price Target: 2.19
Price Target Upside/Downside: +0.53
10/12/2019 5:47 PM
Victor Yong wow, less than 1 bulan, fell from 1.9+++, dah best buy kini :)

Recent Prices
Date Open Range Close Change Volume
09/12/2019 1.70 1.68 - 1.72 1.68 -0.01 (0.59%) 4,462,300
06/12/2019 1.67 1.66 - 1.70 1.69 +0.02 (1.20%) 6,430,000
05/12/2019 1.66 1.66 - 1.69 1.67 0.00 (0.00%) 3,337,300
04/12/2019 1.67 1.66 - 1.69 1.67 0.00 (0.00%) 5,059,000
03/12/2019 1.69 1.67 - 1.69 1.67 -0.02 (1.18%) 4,926,400
02/12/2019 1.70 1.67 - 1.72 1.69 0.00 (0.00%) 8,020,100
29/11/2019 1.72 1.68 - 1.72 1.69 -0.02 (1.17%) 4,904,400
28/11/2019 1.71 1.67 - 1.72 1.71 -0.04 (2.29%) 12,007,400
27/11/2019 1.76 1.71 - 1.79 1.75 -0.01 (0.57%) 5,661,300
26/11/2019 1.77 1.72 - 1.79 1.76 -0.01 (0.56%) 14,420,500
25/11/2019 1.79 1.75 - 1.80 1.77 -0.01 (0.56%) 5,861,000
22/11/2019 1.78 1.76 - 1.79 1.78 0.00 (0.00%) 4,123,300
21/11/2019 1.82 1.77 - 1.82 1.78 -0.04 (2.20%) 6,964,200
20/11/2019 1.85 1.81 - 1.86 1.82 -0.04 (2.15%) 13,001,100
19/11/2019 1.89 1.85 - 1.89 1.86 -0.03 (1.59%) 2,619,700
18/11/2019 1.87 1.84 - 1.89 1.89 +0.03 (1.61%) 3,060,100
15/11/2019 1.84 1.84 - 1.87 1.86 +0.02 (1.09%) 1,516,700
14/11/2019 1.89 1.83 - 1.89 1.84 -0.05 (2.65%) 5,242,900
13/11/2019 1.92 1.88 - 1.94 1.89 -0.03 (1.56%) 8,124,700
12/11/2019 1.92 1.91 - 1.94 1.92 -0.01 (0.52%) 3,298,700
10/12/2019 5:49 PM
Victor Yong EPF beli banyak, kenapa? :)

EMPLOYEES PROVIDENT FUND BOARD 25-Nov-2019 Acquired 480,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Nov-2019 Acquired 350,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 04-Nov-2019 Acquired 223,600 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 31-Oct-2019 Acquired 448,700 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 04-Oct-2019 Acquired 200,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 03-Sep-2019 Acquired 264,300 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 28-Aug-2019 Acquired 200,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 07-Aug-2019 Acquired 500,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 06-Aug-2019 Acquired 140,000 0.000 View Detail
10/12/2019 5:50 PM
Victor Yong fun for intra-day trader also ? : )

4 Weeks Price Volatility (%):
3.45%
10/12/2019 5:59 PM
Victor Yong brand value juga baik

[Press Release] AirAsia Named One of Malaysia's Most ...
https://www.facebook.com › notes › airasia › press-release-airasia-named-o...
It was a great honour and exciting day for us as AirAsia was listed as one of Malaysia's Most Valuable Brands (MMVB) at the MMVB award ceremony last Wed.
Press Release: Inmarsat GX broadband now available with ...
https://runwaygirlnetwork.com › 2019/09/20 › press-release-inmarsat-gx-b...
Sep 20, 2019 - Philip Balaam, President of Inmarsat Aviation, said: “AirAsia's launch of GX Aviation services is a significant milestone, as it brings to life the ...
10/12/2019 6:01 PM
Victor Yong harap harga saham juga best asap :P

02-Dec-2019 AirAsia awarded Best Partner Airline for the fourth time running at Sabah Tourism Awards 2019
10/12/2019 6:02 PM
yoyo flying to Singapore
10/12/2019 6:03 PM
Victor Yong Outlook

Management is positive on 2020 outlook as they look forward to fare normalisation in 4Q19. Meanwhile, the yield is expected to rise with the use of A321neo aircraft, which come with 236 seats or 50 seats more than A320neo.
The group has received its first A321neo recently and will take delivery of 3 more for 2019. For 2020, 6 out of total 12 aircraft to be delivered to AirAsia would be A321neo. AirAsia will deploy the aircraft to service destinations with limited slots.
Currently, AAGB has 5 aircraft which will be disposed to BBAM group pursuant to an earlier agreement signed by both parties. TAA would also dispose all 21 units of its owned-aircraft next month to unlock asset value.
No major changes in fuel hedging as the group has maintained its position in hedging 65% of fuel requirement at US$62.77b (Brent) for 2019, 73% at US$60.22/b for 2020 and 19% at US$59.45/b for 2021.


Valuation

Looking beyond price competition, which is unsustainable in the long run, we advocate investors to Buy into AirAsia for its market share gain as well as its established networks, which are crucial for future profitability. Target price is reduced to RM2.01/share based on 10x CY20 EPS. Maintain Buy.
Source: TA Research - 28 Nov 2019
10/12/2019 6:05 PM
Victor Yong good4airlines stocks :)

https://www.thestar.com.my/business/business-news/2019/12/10/saudi-arabia-isnt-getting-bullish-about-oil-for-2020-budget
10/12/2019 6:52 PM
Aristocats *A masterpiece joke !*

A rat swallowed a diamond and the owner of the diamond contracted a man to kill the rat.
When the rat hunter arrived to kill the rat there were more than a thousand rats bunched up all together and one sitting by itself away from the pack.
He spotted and killed the one sitting by itself and to the owners surprise, that was the exact one that had swallowed the diamond!

The amazed diamond owner asked: "How did you know it was that rat?"
He responded: "Very easy,

*When idiots get rich, they don't mix with others!!!"*
10/12/2019 8:09 PM
Agjl I see one major promoter here....
10/12/2019 8:19 PM
Good123 I will also choose airasia and not tune pro and aax, if believe in Tony's ability :) that payah promoter :)
10/12/2019 8:21 PM
Good123 believe airasia will rebound. Q4,2019
10/12/2019 8:23 PM
Good123 those who had accumulated today, just wait to kutip uang soon
10/12/2019 8:24 PM
paktua73 paktua agree with giod123..
mybe many here forgot how many AA was down
before..
from 0.80 to above 3.70..
down back to 2.3++ up back to 3.20
down back then up back many time..
only time will show the journey to who stand believe on AA spirit...

tut tut
real otai here
proved was long enough mark solid on AA wall..
10/12/2019 8:30 PM
Good123 macam ni, 2020, airlines bagus karna tahun melawat msia
10/12/2019 9:18 PM
Good123 Barangkali besar, up esok. KUALA LUMPUR (Dec 10): Passengers who passed through Malaysia Airports Holdings Bhd’s (MAHB’s) network of airports including the group’s Turkey Istanbul Sabiha Gokcen International Airport (ISG), grew 6% in November to 11.5 million from 10.84 million last year.

Its Malaysian airports alone saw 4.7% growth in passenger movements to 8.64 million in November from 8.25 million in the same month last year, with KLIA terminals passenger movements growing 3.6% to 5.14 million from 4.96 million previously.

ISG, meanwhile, saw passenger traffic rising 10.2% to 2.86 million from 2.6 million, according to its stock exchange filing today.

Year-to-date (YTD), MAHB network of airports handled 127.83 million passengers in the January-November period, 5.6% more than 121.08 million passengers in the same period last year.

This came from a 6.2% growth in YTD passenger movements at its Malaysian airports to 95.21 million passengers from 89.66 million passenger in previous corresponding period, while ISG passengers rose 3.9% to 32.63 million from 31.42 million.

In terms of aircraft traffic, MAHB said there was an increase of 3.6% to 93,319 aircraft movements throughout its airports in November, compared with last year’s 90,091 aircraft.

Traffic growth momentum, which picked up in June this year, has continued through November, MAHB said.

“The November performance could be viewed as a positive sign for the coming year, both in terms of airlines seat capacity provision and the potential demand for air travel,” it said.

ISG, meanwhile, continued to register double-digit growth for the international sector and the domestic sector is recording a growth after a year of decline, it noted.

“Malaysia’s moderate growth in passenger movements in November was partly contributed by the single-digit domestic growth. This is after several months of double-digit growth, following a prolonged reduction previously.

“This is also partly due to November being an uneventful month, with some school holidays in the last week,” it added.

MAHB’s share price gained two sen or 0.25% to RM8.06 today, giving it a market capitalization of RM13.37 billion.
10/12/2019 11:54 PM
icepumpkin I also believe in airasia. patiently waiting here.
11/12/2019 12:31 AM
Underhand If all new ventures are so good, the share price won't drop. But now what happened? Investors don't like all these uncertainties! Mind you
11/12/2019 7:50 AM
strattegist sawadikapppp...
11/12/2019 8:03 AM
Shinnzaii Aiyo...i give you hint...go see how many call warrant issued by Investment Bank...and estimate how long to stuck...if you want to break their rice bowl...make sure you have big ticket or dont buy their CW...let it be stagnant...hehe
11/12/2019 9:00 AM
strattegist aiyo kazambo...
11/12/2019 9:25 AM
paktua73 paktua love pessimism wave..
more scared more will sell low..
lai lai who want sell low..
please sell below 1.65..
we red stock troopers will glad to swallowed..

tut tut
never doubt and never fear..
let battle begins..
11/12/2019 9:38 AM
paktua73 paktua gilaa lagi nyanyuk suka melalak lantang..

let hear our song..
we are real red stock hunter..
we was prove long enough..
we will fight when reach our buy call..

we're real champion on red wave
our real fight in red wave battlefield..
we arrived..we marching on..
our spirit will echos louder..

we come..we in..we set..we hunt..
fear never lead us ever!!
we will lead the wave..
we will conquered the battlefield..

let hear this..
let spirit spread all around..
we're a fearless warriors..
and we will marching on..

we're the warrior on red wave..
we're the champions.. unbeatable..

let hear our song we will sing louder...

we're the red stock troopers..
be a man is our soul..
dare to die spirit we follow..

https://youtu.be/_DZpLUDgIAc

we're red stock hunter..
red wave is our field..
dare to fight or die try
is our motto..



tut tut
troopers duty call..
all troops stand on position..
11/12/2019 9:39 AM
Shinnzaii Paktua...play safe for Myeg,Inari,Hibiscus and perhap FGV if paktua hold of them...check check first before on board...hehe
11/12/2019 9:41 AM
paktua73 shinnzaii@Paktua...play safe for Myeg,Inari,Hibiscus and perhap FGV if paktua hold of them...check check first before on board...hehe
11/12/2019 9:41 AM
==================
thanks shinnzaii remind paktua..
inari n myeg not yet on board..
fgv paktua was holding from 0.98 long time n still hold even paktua army was sold earlier..
hibiscus stand fight and will reload if break 0.85 below..


tut tut
11/12/2019 9:53 AM
Shinnzaii and PENTA
11/12/2019 9:56 AM
Victor Yong Cheap air fare

https://www.airasia.com/en/gb
11/12/2019 10:08 AM
Victor Yong How likely are you to recommend AirAsia to your friends and family based on your booking experience?
11/12/2019 10:11 AM
Victor Yong :) how was your booking experience?
11/12/2019 10:11 AM
paktua73 win bet at 1.64 and manage eat more at 1.65
now 3rd and 4th squad done reload use 100% their ammo..
means while 1st and 2nd squad still wait for final reload..

tut tut
never faer to fight here..
11/12/2019 10:24 AM
Victor Yong AirAsia Group Berhad - Non-Airline Business Rapidly Expanding
Date: 28/11/2019

Stock : AIRASIA Source : MIDF
Price Target : 2.04
Last Price : 1.65


KEY INVESTMENT HIGHLIGHTS
9MFY19 earnings were below expectations
Healthy load factors did not come at the expense of average fares
Teleport on target to meet RM400m annual revenue target
Expansion cards of other non-airline ancillary business; i.e. BigPay’s e-money license in Singapore
Prudent hedging policy helped to contain the rise in fuel expense
Earnings estimates adjusted downwards
Maintain BUY with revised TP of RM2.04 per share


Below expectations. The group recorded a 3QFY19 normalised net profit of RM6.0m (-96.3%yoy). This brings the cumulative 9MFY19 normalised net profit to RM27.3m (-96.7%yoy), missing ours and consensus’ expectations by a variance of more than 10%. The negative variance was due to the substantial increase in finance costs-lease liabilities and depreciation of right of use of asset following the MFRS16 adoption which is more than what we had expected. In addition, higher maintenance expense following higher provision for engine overall with higher number of leased aircraft. We expect the effect to be felt until end of FY19 when a new base is established.

RPK growth outgrew expansion in ASK…. The group’s 9MFY19 revenue was up by +14.0%yoy to RM8.8b. The robust growth was due to another record breaking number of passengers carried in 3QFY19 of 13.0m which was supported by the festive seasonality factor around ASEAN. As a result, the number of passengers carried in 9MFY19 grew by 18.8%yoy to 38.4m. With strong growth in passengers carried, the 15.8%yoy growth in RPK to 47,465m outpaced the ASK growth rate of 14.6%yoy in 9MFY19.

….which helped maintained a healthy load factor. As such, the load factor in 9MFY19 remained robust at 85.7%. This was despite the 17.6%yoy increase of international routes for its AOCs (Indonesia and the Philippines) and net addition of 23 aircraft. More importantly the strong load factor did not come at a cost at a lower average fares. In fact, there was a +0.2%yoy increase in average fares for 9MFY19 while Malaysia’s market share rose +3ppts to 60.0%.

Beefing up its non-airline businesses. The increase in passengers which contributed to higher 9MFY19 ticket sales of +18.9% to RM6.6b, also resulted in airline related ancillary income revenue to grow by +15.3%yoy. As for non-airline ancillary segments, total revenue more than quadrupled to RM475.2m. Most of the contribution for non-airline ancillary revenue came from Teleport at 70.2% and we expect it will reach its target of RM400m given the revenue recorded of RM333.5m in 1HFY19. Performance of Teleport in 2HFY19 will be enhanced by: (i) the launch of ‘teleport.social’, a platform enabling sellers on social media to integrate with Teleport’s logistics infrastructure; (ii) joint investment with Gobi Partners in EasyParcel; and (iii) direct interline agreement with Lufthansa Cargo.

Source: MIDF Research - 28 Nov 2019
11/12/2019 10:26 AM
Victor Yong AirAsia Group Berhad - Look Beyond Price Competition
Date: 28/11/2019

Stock : AIRASIA Source : TA
Price Target : 2.01
Last Price : 1.65


Review
Stripping out: 1) all exceptional items (-RM331.4mn), which came mostly from RM214.5mn fair value loss on derivative, 2) deferred tax credit (RM433.6mn), 3) one-off capital injection to offset AirAsia India’s prior losses (RM147mn), which charged to income statement, and 4) adding back unrecognised losses from India operations (app. RM45.90mn), AirAsia Group’s (AirAsia) recorded 9M19 core losses of RM86.1mn, which trailed analysts’expectations. The variance was largely due to underestimation of fare pressure, especially in Malaysia, arising from intense price competition.
9M19 earnings slipped into losses of RM86.1mn due to an adoption of MFRS16, which caused depreciation and finance costs to increase substantially by 230.2% and 53.0% respectively, at a pace much faster than revenue growth of 12.4%. Maintenance and overhaul was another cost component, which surged by whooping 93.4% and contributed to losses.
By sector performance, Philippines AirAsia (PAA), Indonesia AirAsia (IAA) and AirAsia India (AAI) were star performers for this quarter with higher load factor along with favourable RASK-CASK spread. Malaysia AirAsia (MAA) had its RASK declined by 4.6% while CASK increased by 12.2%. Although Thai AirAsia (TAA) managed to reduce CASK by 7.5% YoY for this quarter, its load factor had declined to 80.5% (vs 80.8% in 3Q18 & 81.7% in 2Q19).
Malaysia AirAsia (MAA), Indonesia AirAsia (IAA) and Philippines AirAsia (PAA) (AAG) – Yield stress. For 9M19, AAG recorded higher load factor of 85.6% (+0.9%-pts YoY) mainly due to market share gain by IAA and PAA. MAA’s load factor was relatively stable at 85.4% (-0.2%-pts YoY) but this was at the expense of lower fare. The price competition started by Malaysia Airlines has hurt airlines’ profit and management believe the fare pressure to normalise in 4Q19.
Thai AirAsia (TAA) – loss expanded in 3Q19. The global trade tensions and strong Thai baht were to blame for the decline in load factor to 83.9% (-1.2%-pts) for 9M19. Yield was also under pressure as the decline in RASK (-6.1%) was at a faster pace than CASK (-2.4%). In local currency, TAA reported a loss before tax of THB716.7mn for 9M19 compared to a profit of THB539.4mn a year ago.

India (AAI) – Load >90%. AAI was the only affiliate recorded >90% load factor for 9M19, fuelled by demand growth of 39.6% and capacity growth of 28.2%. However, 9M19 loss before tax were little changed at INR4.7tn owing to substantial rise in staff cost, maintenance and overhaul costs and finance expenses.

Digital platform – EBITDA positive by 3Q20. Teleport reported higher revenue (48.4%) and EBITDA (14.9%) of 121.1mn and 62.1mn respectively for 3Q19. Meanwhile, AirAsia.com and BigPay suffered greater LBITDA of RM31.7mn (317%) for this quarter while building the economies of scale. According to management, these units are expected to be EBITDA-positive by 3Q20. Note that BigPay has obtained a licence in Singapore and would roll out its services soon.
Impact
We now assume MAA’s RASK to decline by 14.4% YoY (from decline of 9.2% previously) for 2019 to factor in the greater-than-expected fare pressure in 3Q19. However, we revise the growth in MAA’s RASK to 7% (from 4% previous) for fare normalisation in FY20. No change to our RASK growth assumption of less than 1% for FY21. All in, we cut our FY19/20/21 earnings projections by 77.4/22.8/38.2%.
Outlook
Management is positive on 2020 outlook as they look forward to fare normalisation in 4Q19. Meanwhile, the yield is expected to rise with the use of A321neo aircraft, which come with 236 seats or 50 seats more than A320neo.
The group has received its first A321neo recently and will take delivery of 3 more for 2019. For 2020, 6 out of total 12 aircraft to be delivered to AirAsia would be A321neo. AirAsia will deploy the aircraft to service destinations with limited slots.
Currently, AAGB has 5 aircraft which will be disposed to BBAM group pursuant to an earlier agreement signed by both parties. TAA would also dispose all 21 units of its owned-aircraft next month to unlock asset value.
No major changes in fuel hedging as the group has maintained its position in hedging 65% of fuel requirement at US$62.77b (Brent) for 2019, 73% at US$60.22/b for 2020 and 19% at US$59.45/b for 2021.
Valuation
Looking beyond price competition, which is unsustainable in the long run, we advocate investors to Buy into AirAsia for its market share gain as well as its established networks, which are crucial for future profitability. Target price is reduced to RM2.01/share based on 10x CY20 EPS. Maintain Buy.
Source: TA Research - 28 Nov 2019
11/12/2019 10:27 AM
Victor Yong Fuel hedging status. To-date, the Group has hedged 86% of Brent crude at USD60.72/bbl for 4Q19. Meanwhile, it also hedged an average of 73% of its fuel at USD60.22/bbl for FY20.
Source: PublicInvest Research - 28 Nov 2019
11/12/2019 10:29 AM
Victor Yong Airasia Group Berhad - Below Expectation
Date: 28/11/2019

Stock : AIRASIA Source : PUBLIC BANK
Price Target : 1.87
Last Price : 1.64


AirAsia Group (AAGB) reported headline net loss of RM51.4m in 3QFY19. After excluding forex loss of RM112m, fair value loss on derivatives of RM237.7m and deferred tax asset of RM292.3m, its core net profit for 3QFY19 was RM6m. YTD 9MFY19, core net profit stood at RM17.5m, which accounts for only 11% and 4% of our and consensus’ full year expectations respectively. The discrepancy was mainly due to higher-than-expected depreciation, finance cost as well as losses from its share of associates. We adjust our numbers accordingly, which reduces our earnings for FY19-21F by an average of 73%. We also change our valuation methodology to 1.5x book value per share (previously 11x PER) given the uncertainties in its earnings trajectory. Our target price is lowered slightly to RM1.87 (previously RM1.89), though we retain our call on AirAsia at Neutral.

Revenue for airline grew 17% to RM2.9bn in 3Q19, from RM2.5bn in 3Q18. The growth is on the back of higher passengers carried (+20%) and revenue per average seat km (RASK) (+1%). Both its Philippines (PAA) and Indonesian (IAA) operations reported higher unit passenger revenue by 3% and 1% respectively. Nevertheless, Malaysia’s (MAA) operations reported lower unit passenger revenue (-1%) in 3Q19, with average fare for domestic routes dropping 15% YoY, while its international routes were flat YoY. We understand that the average fare in 4Q19 is now showing around 12% improvement YoY. For 9MFY19, airline revenue grew 15% YoY owing to higher number of passengers carried (+11%) and flat RASK (-0.1%).
Higher CASK due to increase in operations and impact of adopting MFRS16. Cost per ASK excluding fuel (CASK ex-fuel) in 3Q19 jumped 19% YoY at 9.63 sen, compared to 8.11 sen in 3Q18. This is following the increase in staff costs (+15%), provisions for maintenance and overhaul (+118%), user charges (+27%), and other operating expenses (+31%). Earnings were however cushioned by lower average fuel cost that dropped 10% YoY to USD85 per barrel in 3Q19 (vs 3Q18: USD95/bbl). This brings its aircraft fuel expenses higher by 3% YoY to RM1.06bn, despite fuel consumption increasing by 14% YoY to 3m barrels in 3Q19. Overall, CASK jumped 7% from 14.30 sen in 3Q18 to 15.29 sen in 3Q19. For 9MFY19, CASK increased 9.6% YoY, from 13.87 sen to 15.21 sen.
Fleet plan. The Group is targeting for a net fleet growth of 18 aircraft this year across its air operator’s certificate (AOCs), with the first A321neo received in November 2019, this plane having 50 more seats than the A320neo. We understand that this aircraft will be operated from its KL hub on popular routes and airports with infrastructure constraints. Initially, the destinations will include Kuching, Kota Kinabalu, Singapore, Bangkok and Shenzhen routes. To-date, the Group still owns 26 aircraft (i.e. Malaysia: 5, Thailand: 21), while the rest are currently under operating leases. For FY20, it targets to have a net addition of 12 aircraft to its fleet size, of which 7 aircraft will be delivered to its Indian (AAI) unit.
Fuel hedging status. To-date, the Group has hedged 86% of Brent crude at USD60.72/bbl for 4Q19. Meanwhile, it also hedged an average of 73% of its fuel at USD60.22/bbl for FY20.
Source: PublicInvest Research - 28 Nov 2019
11/12/2019 10:30 AM
Victor Yong Good4airasia.

KUALA LUMPUR (Dec 9): RHB Investment Bank Bhd expects the ringgit (MYR) to strengthen further towards 4.00 versus the US Dollar (USD) by end-2020. In an Economics View note today, the bank said Malaysia's foreign exchange (FX) reserves remain unchanged at US$103.2 billion as at Nov 29 Nov.
11/12/2019 10:33 AM
Agjl Everyday 2 sen drop. When to catch?
11/12/2019 11:10 AM
strattegist aiyo kazambo...
11/12/2019 11:32 AM
Victor Yong becoming a fintech , fintech valuation to be applied to airasia soon? :)

AirAsia CEO: BigPay can give Alipay, GrabPay a run for their ...
https://www.cnbc.com › 2018/11/06 › airasia-ceo-bigpay-can-give-alipay-gr...
Nov 6, 2018 - AirAsia's mobile payment app, BigPay, is a part of the airline's strategy to ... business under its parent company AirAsia, launched its app earlier this year. ... “We got a fantastic fintech business where we're going to give Alipay, ...
11/12/2019 11:37 AM
Kendo Ken Hz Bigpay locally just a banking debit card, it is far way off from tngo alipay grab RGB ghl....
.....dream on tf...unless u do something real Big
11/12/2019 3:29 PM
Aristocats Merry Christmas.
Go holiday lah.
11/12/2019 5:53 PM
Aristocats Bigpay is a very small player only.
Its name is actually Smallpay bcos can't fight with Alipay, MasterCard, Visa card,
Unionpay... etc.
11/12/2019 5:57 PM
stockmarket101 A journey of a thousand miles begins with a small step.
11/12/2019 6:42 PM
Victor Yong Macam buyers Dan sellers equally strong, intraday traders boleh Cari makan disini :)
11/12/2019 7:50 PM
Victor Yong It seems many people didn't have confidence in Tony anymore :)
11/12/2019 8:09 PM
Agjl Share price performance says it all....
11/12/2019 10:06 PM
Kendo Ken Hz AAirline, sunset industry?..
And nonairline biz is not turning profit?
11/12/2019 10:12 PM
Mabel Sunset?

You travel by car to go to London?
11/12/2019 11:50 PM
Mabel See you all at RM 20...

Meow!
11/12/2019 11:51 PM


 

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