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Higher oil prices to weigh on AirAsia X

23 May 2018 20:54:06

thestar.com.my

CIMB Equities Research expects significantly weaker performance for the rest of the year for long-haul low-cost carrier AirAsia X

image: https://cdn.thestar.com.my/Themes/img/chart.png


due to higher oil prices, with FY18F estimated to be loss-making.


The research house said on Wednesday that based on prior-year quarterly trends, AAX’s 1Q18 core net profit (CNP) of RM91mil was 30% more than its previous full-year forecast.


While Malaysia AirAsia X (MAAX) reported in-line CNP, Thai AirAsia X’s (TAAX) CNP was 80% more than expected due to strong inbound tourist arrivals into Thailand.


“We downgrade our call from Hold to Reduce and lower target price to 29 sen, based on a lower CY18F P/BV multiple of 1.3 times (one standard deviation below mean), from 1.5 times previously,” it said.


Read full story: thestar.com.my

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