Saturday, July 27, 2013

MAS seen mitigating losses in Q2

MALAYSIAN AIRLINE SYSTEM BHD
By RHB Research
Buy (maintained)
Fair value: RM0.43

MALAYSIA Airline System’s (MAS) passenger load factor hit a new high of 84.3% in June.

Its overall load factor for the second quarter of financial year 2013 improved by 3.9% quarter-on-quarter (qoq) and 4.9% year-on-year (yoy).

This seems to indicate that MAS may be able to mitigate its losses in the quarter amid yield pressure.

MAS’ operating stats for the quarter continued to show positive growth.


Total revenue passenger kilometres (RPK) climbed 13.3% qoq and 29.3% yoy, while total available seat kilometres (ASK) grew 7.8% qoq and 18.7% yoy.

It is worth noting that the growth of domestic passenger RPK in the quarter (+22.1% qoq, +23.3% yoy) may indicate that the company’s fleet modernisation is drawing more passengers.

Meanwhile, its participation in the oneworld alliance also helped lift its international passenger RPK by 12.3% qoq and 30.1% yoy.

In June, the national carrier’s passenger load factor hit a new high of 84.3% (up 6.9% yoy), breaking its earlier record of 81.4% in December 2012.

We believe that the yields of full-service carriers (FSC) including MAS are still under pressure.

Nonetheless, given the strong improvement in its operating stats, we think MAS may be able to mitigate its losses in the second quarter of financial year 2013, for which the results will be released this coming Wednesday.

That said, we are hopeful that the improved frequency or passenger volume would help mitigate the company’s costs associated with slashing airfares.

We keep our “trading buy” recommendation on MAS, with our RM0.43 fair value based on nine times of financial year 2014’s adjusted enterprise value per earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs (9x adjusted FY14F EV/EBITDAR).

As highlighted previously, we advise caution on MAS’ potential losses in the quarter – which is a seasonally weak quarter in the year – although we believe that the losses should narrow in the current quarter.


Source/Extract/Excerpts/来源/转贴/摘录: http://www.thestar.com.my/
Publish date: 26/07/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock