Bursa Malaysia Stock Watch
Malaysian Airline System: Upgrade to Buy - 2Q12: Positive Surprise; Upgrade to BUY
kltrader
Publish date: Wed, 15 Aug 2012, 10:24 AM
kltrader
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2Q12: Positive Surprise; Upgrade to BUY
Source: Maybank Research - 15 August 2012
- Above expectations. MAS' 2Q12 core net loss of MYR160.4m (-68% YoY, -55% QoQ) was better than our MYR198.6m loss forecast, and significantly ahead of consensus thanks to capacity cuts on multiple loss-making routes, efficiency gains from new aircraft in the fleet and better marketing efforts.
- We upgrade MAS to a BUY as we factor in the financing support that MAS has obtained (''MYR9.0b in bonds, senior debt and leases) which enables an uninterrupted flow of new aircraft, and on the prospect that MAS will breakeven in 2H12. Our new TP of MYR1.20/share is based on a raised 2013 PER of 12.0x (from 10.0x), 2x above the mid-cycle valuation of the aviation cycle; it also implies an adjusted EV/EBITDAR of 6.4x ' still in line with regional peers.
Source: Maybank Research - 15 August 2012
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