New plan, same story. Malaysia Airlines (MAS), at an analyst briefing yesterday, revealed its third edition of business turnaround plan. In a nutshell, the Company will cull severe loss making routes which are no hopers, extract cost benefits of new aircraft, streamline business operations and focus to enhance service levels. In our view, these plans are not new. Maintain Hold with a target price of RM1.55/share - based on 5.6x 2012 adjusted EV/EBITDAR.
Maybank research (8 December 2011)
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