星洲熱股評析
亚航次季盈利料增88%
2016-08-22 17:09
亚洲航空第二季营运盈利有望按年增长88%，大华继显认为脱售飞机租赁业务不会带来显著收益，目前股价已反映正面因素。
（吉隆坡22日讯）亚洲航空（AIRASIA，5099，主板贸服组）第二季营运盈利有望按年增长88%，大华继显认为脱售飞机租赁业务不会带来显著收益，目前股价已反映正面因素。
该公司预订于2016年8月29日宣布第二季业绩。
大华继显预测，亚航次季营运盈利有望按年增88%，主要是获承载率改善6.7点、更高乘客量成长、机票价格按年涨7.6%及低油价成本带动。
“亚航税前盈利有望按年成长333%，不过非营运盈利料受汇率亏损及递延税项改变拖累。”
该行预测，因马币走疲，亚航第二季将录得汇率亏损。
尽管如此，泰国亚航因较高载客量及低油价成本，第二季净利按年扬105%。
亚航计划通过联营进军中国15个城市，大华继显认为挑战重重，尤其是在获取飞行营运执照及争取有利起飞时间方面。
目前中国市场占亚航总营业额的19%，为成长中市场而获亚航看重。不过，近期中国民航局刚收紧对新进军中国市场业者的批准条例，仅两家业者在2016上半年获批。
售AAC收益不显著
至于脱售亚洲航空资本（AAC）飞机租赁臂膀，该行认为，因市场预期脱售价达41亿令吉，亚航近期股价已节节走扬。
“41亿令吉为企业价值，当中包括债务，调整控股公司债务后，实际价值为16亿令吉，而且脱售AAC也将导致部份飞机资产被瓜分，价值不大因大部份飞机租赁公司都低于账面值交易，有鉴于此，不预期脱售AAC将为股东带来显著收益。”
目前AAC拥有68架飞机，价值41亿令吉。
股价已反映
该行认为，所有正面因素已反映于股价，不排除涨势将消退，因截至今年为止，该股已涨了150%，反映了乘客量、承载率、低油价及泰国亚航今年至今净利按年成长101%的利好。
鉴于亚航估值走高，显著比亚洲同侪溢价，该行上调目标价，从2令吉零6仙调高至2令吉50仙，评级下调至“卖出”。
文章来源：
星洲日报‧财经‧报道：郭晓芳‧2016.08.22
http://www.sinchew.com.my/node/1559753/%E4%BA%9A%E8%88%AA%E6%AC%A1%E5%AD%A3%E7%9B%88%E5%88%A9%E6%96%99%E5%A2%9E88
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Discussions
Be the first to like this. Showing 7 of 7 comments
why should I listen to an analyst that ascribe fair value of RM2.06 to Air Asia ? It has been proven that he was terribly wrong in the past (price now RM3,19). I don't think he understands Air Asia at all.
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"鉴于亚航估值走高，显著比亚洲同侪溢价，该行上调目标价，从2令吉零6仙调高至2令吉50仙，评级下调至“卖出”。
2016-08-22 20:00
sometimes they are right, sometimes they are wrong. Only with this, they can create confusion to you all whether to listen or not to listen, to follow or not to follow.
2016-08-22 21:27
Analyst price target/price fluatuation is 12months. as such they are safe..
2016-08-22 22:50
This fellow has serious calculation issue, if selling AAC can't push the value of Airasia further, at least they should give target price as 'Hold' at RM3.19, as the core value of AAC is RM1.6B. Stupidest ever i have read.
Fellow Icon, I should recommend you to the Stock analysis center for the job, ur idea is much reasonable.
2016-08-23 11:23
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NO BRAIN analysis, if the growth is 88% , AA would be turning into mega company like Maybank lor. the price wld be 4.50 oredi since the PE is only 7 . crazy
2016-08-22 17:57