Asia Aviation Plc Ltd (AAV), the parent company of Thai AirAsia (TAA) has put forward a revised financial restructuring plan to raise as much as THB17.9bn (USD535m) from new loans, share sales and convertible debt offerings to shore up its liquidity. The exercise should allow TAA to ramp up its operations amid the expected recovery in travel as Thailand gradually reopens to international travellers. Thailand plans to end quarantine requirement for fully vaccinated travellers from low-risk nations starting from 1 Nov. While we are positive on the financial restructuring plan and upliftment of travel restriction, the outcome of lease restructuring and the pace of air passenger traffic recovery remain uncertain. Therefore we make no changes to our forecasts for now and maintain our Neutral call on AirAsia Group (AAGB) with unchanged target price of RM0.86.
Source: PublicInvest Research - 22 Oct 2021
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