Bursa Malaysia Stock Watch
MAS (SELL) - February Stats
kltrader
Publish date: Wed, 28 Mar 2012, 10:01 AM
kltrader
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MAS (SELL)
February Stats
- MAS released February statistics showing continued weakness in passengerand cargo demand, largely in line with our forecast.
- With the reported weak statistics, the survivability of MAS within 1H12remained as a major concern, as the expected losses will eat up its existingcash piles of RM1bn (as at Dec 2011), while debt level remained high atRM5.7bn.
- High possibility of cash call exercise to strengthen balance sheet, fundaircraft delivery and restructuring cost.
- Separately, AirAsia X entered Re-Accommodation Agreement with MAS forits affected passengers following the suspension of services to Mumbai, New Delhi, London and Paris. The deal willcontribute RM51.6m revenue to MAS or 0.4% of MAS FY12 revenue.
- Maintain Sell with unchanged Target Price of RM0.82.
Source: HLIB Research - 28 March 2012
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