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Maybank IB Research maintains Hold on AirAsia, trims target price
by Cals Thu 22 Aug 2013, 09:51
Maybank IB Research maintains Hold on AirAsia, trims target price
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 22 August 2013 09:35
KUALA LUMPUR (Aug 22): Maybank IB Research has maintained its Hold rating on AirAsia Bhd at RM2.98 with a lower target price of RM2.95 (from RM3) and said the low cost carrier’s 2Q13 result was lower than the research house’s expectation and significantly below consensus.
In a note Thursday, Maybank IB Research said the competitive environment had intensified which forced the AirAsia to provide heavy discounts in order to maintain loads.
“We think the situation will persist until the end of the year and the consensus numbers will have to be revised down.
“We cut our FY13-15 earnings forecasts by 12% to factor in a tougher yield outlook and trim down our target price to RM2.95 (from RM3.00), based on 11.0x 2013 PER, in line with regional peers. Maintain Hold,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 22 August 2013 09:35
KUALA LUMPUR (Aug 22): Maybank IB Research has maintained its Hold rating on AirAsia Bhd at RM2.98 with a lower target price of RM2.95 (from RM3) and said the low cost carrier’s 2Q13 result was lower than the research house’s expectation and significantly below consensus.
In a note Thursday, Maybank IB Research said the competitive environment had intensified which forced the AirAsia to provide heavy discounts in order to maintain loads.
“We think the situation will persist until the end of the year and the consensus numbers will have to be revised down.
“We cut our FY13-15 earnings forecasts by 12% to factor in a tougher yield outlook and trim down our target price to RM2.95 (from RM3.00), based on 11.0x 2013 PER, in line with regional peers. Maintain Hold,” it said.
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