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CIMB Research downgrades MAHB to Hold, slashes target price to RM7.73 on MAS woes

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CIMB Research downgrades MAHB to Hold, slashes target price to RM7.73 on MAS woes Empty CIMB Research downgrades MAHB to Hold, slashes target price to RM7.73 on MAS woes

Post by Cals Wed 21 May 2014, 01:45

CIMB Research downgrades MAHB to Hold, slashes target price to RM7.73 on MAS woes
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 20 May 2014 09:32

KUALA LUMPUR (May 20): CIMB Research has downgraded Malaysia Airports Holdings Bhd (MAHB) to a Hold (from Add) at RM7.80 and slashed its target price to RM7.73 (from RM9.35) and said MAHB’s share price declined 2.6% last Friday, as MAS hinted on Thursday evening that it was reviewing its network with a view to cut unprofitable routes.
In a note May 19, the research house said its base case was for MAS to cut the number of its flights by 14% causing an 18% fall in the number of its passengers carried in FY15. 
“We also assume that Malindo will grow their fleet at a slower pace. These will reduce our core EPS forecasts for MAHB by 12-14% in FY15-16. 
“We now forecast MAHB’s FY15 EPS to fall 8% year-on-year.
“We cut our DCF-based target price to RM7.73, reflecting the base-case scenario, and downgrade to Hold (from Add), as MAHB is entering a period of significant earnings uncertainty,” it said. 
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