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RHB Research upgrades AirAsia X to Trading Buy, raises target to 57 sen

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RHB Research upgrades AirAsia X to Trading Buy, raises target to 57 sen Empty RHB Research upgrades AirAsia X to Trading Buy, raises target to 57 sen

Post by Cals Thu 12 Mar 2015, 00:52

RHB Research upgrades AirAsia X to Trading Buy, raises target to 57 sen




By TheEdge Markets.com / theedgemarkets.com   | March 11, 2015 : 9:46 AM MYT 

KUALA LUMPUR (March 11): [size=14]RHB Research has upgraded AirAsia X Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) to “Trading Buy” with a higher target price of 57 sen (from 52 sen) and said it expects marginal FY15 losses for the carrier and for it to be in the black by FY16.

In a note Wednesday, the research house said the carrier was embarking on many initiatives to reduce costs, targeting to cut unit costs (ex-fuel) by 5-7% versus RHB Research’s 4% forecast.

“Premised on an unchanged 1.7x P/BV, we upgrade our target price to 57 sen (from 52 sen, 16% upside) and call to Trading Buy.

“With yields picking up 2.3% in FY15, coupled with the sharply lower unit costs on low oil prices, we expect marginal FY15 losses and for it to be in the black by FY16,” it said.
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