Icon8888 Gossips About Stocks
(Icon) AAX (4) - Result In Line With My Estimate
AAX has just released its March 2016 quarterly result. Net profit came in at RM179 mil. However, after excluding forex gain of RM122 mil, core earning is approximately RM58 mil. Based on 4,150 mil shares, latest Q EPS is approximately 1.4 sen. Based on annualised EPS of 5.6 sen and 40 sen share price, prospective PER is approximately 7 times.
Please refer to table below, which is self explanatory.
This latest quarter's core net profit of RM58 mil is very closed to the RM46 mil as predicted by the financial model in my earlier article dated 23 March 2016 :-
Note : the table above was shown in my 23 March 2016 article and it was constructed based on figures from December 2015 quarterly report.
The only part I did not quite get it right is the maintanence and usage charges. In the March article, I mentioned that the maintenance figure of RM279 mil was unusually high (compared to previous quarter's approximately RM187 mil). However, in this latest quarter, the maintenance and usage charges did not go down as hoped and stays at RM279 mil. It seemed that this will be the new norm. We should adopt this figure in our future earning estimate.
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Discussions
8 people like this. Showing 20 of 20 comments
Long term play = Public Bank/LPI/F&N/.....
Short term goreng = AA/AAX/...
Definition of Short term goreng = never hold more than 6 months
Make it or not, time to run (let the profit run OR run away from stock?)
2016-05-24 20:58
From 58m
IBs will do it this way....
(58-21) ÷ 4150 = 0.0089156627 × 4 = 0.0356626506 x 9 = 0.3209638554
x 4 x 9 quite generous....
2016-05-24 21:00
If you ignore the tax, current quarter is better than the previous quarter report earnings.
2016-05-25 00:40
AirAsia X (AAX MK, BUY, TP: MYR0.62)
Positively Surprised By a Strong 1Q16
We now forecast Thai AirAsia X to report profits in 2016 vs an earlier losses estimate. Amidst continuing losses, the carrier is re-evaluating the Indonesia AirAsia-Indonesia AirAsia X merger
new BUY call from RHB this morning
2016-05-25 09:59
thx icon =D maintenance and user charges combine tgt on previous quarter, and for FY16 Q1, they show in separate column, and i thk 270m wil be the norm in near future.( 160 maintenance and 110 user charges)
2016-05-25 10:07
Icon sifu...what is your eps prediction for Q1 2017? A range would do...thanks
2017-04-30 19:38
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