Bursa Malaysia Stock Watch
Malaysian Airline System: Downgrade to Sell - 1Q12: It's going to be ugly
kltrader
Publish date: Wed, 16 May 2012, 11:04 AM
kltrader
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Industry downturn making its mark. 1Q12 is expected to be severely loss-making due to the impact of a 20% higher fuel price YoY and a weak yield environment. The remainder of the 2012 looks equally grim and we think MAS is struggling to get its turnaround strategy in place. We have cut our earnings forecasts due to higher than budgeted fuel price and a tougher yield environment. Downgrade to SELL, with a lower target price of MYR1.00 from MYR1.55, pegged to 10.0x 2013 PER, which is the mid-level valuation of the aviation cycle.
Click here for full report
Source: Maybank Research - 16 May 2012
Click here for full report
Source: Maybank Research - 16 May 2012
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2012-05-16 11:19