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亚马逊云账号(www.2km.me)_AirAsia outlook lifted on reopening of major markets

admin2021-11-1718

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Over the longer-term, Maybank IB emphasised a swing in the group’s net profit to the black in FY23, underpinned by the decelerating rate of Covid-19 cases in the region.

PETALING JAYA: While the Thai operations of AirAsia Group Bhd continue to drag on the earnings of the low-budget airline group, the falling rate of Covid-19 infections in the region offers optimism for a longer-term recovery, says Maybank Investment Bank Research (Maybank IB).

Thai AirAsia (TAA) recently reported wider third-quarter losses of 2.1 billion baht (RM266.96mil) resulting from a suspension of its flight operations to mitigate a third wave of the Covid-19 pandemic in the country.

A “spectre of PN17 classification” looms over the Thai carrier, said Maybank IB, even as the Thai airline embarks on recapitalisation and restructuring initiatives.

Consequently, Maybank IB forecasts that AirAsia may take a huge hit in the coming financial year.

“For financial year 2022 (FY22), our core net loss estimate is twice than before largely due to AirAsia recognising the huge RM1.1bil in previously unrecognised losses from TAA,” said Maybank IB.

Over the longer-term, the research firm emphasised a swing in the group’s net profit to the black in FY23, underpinned by the decelerating rate of Covid-19 cases in the region.

There has been a resumption of mass travel in all four of AirAsia’s major markets, including Malaysia, which historically contributed 70% to 80% of group profits.

Meanwhile, Maybank IB also noted that the Malaysian aviation industry is consolidating, which is positive for Malaysia AirAsia (MAA) fares.

“We forecast FY23 to swing to a core net profit of RM255mil from a core net loss of RM439mil before due to higher MAA fares.

“With a profitable FY23, we hope AirAsia will no longer be classified as a PN17 listed issuer by then (if it is classified as such on Jan 7, 2022),” it said.

Adding to the future prospects, Maybank IB said AirAsia may also list its digital assets, which will unlock a lot of value for the group.

Given the improved outlook, the research firm upgraded AirAsia to a “buy” from a “sell” and raised its target price to RM1.36 from 36 sen previously.


转载说明:本文转载自Sunbet。

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