Airasia 5099 若是全年eps=28 sen ,只取pe =5 ,股价=rm 1.40 ,目前兩季eps 达到14 sen ,
相信达标有很大机率,参考,进出自负！
1)特别经济委员会重振信心 亚航亚航X股价回弹
27/08/201519:20
（吉隆坡27日讯）经过一轮下跌，在首相拿督斯里纳吉宣布设立特别经济委员会（SEC），亚洲航空有限公司（AIRASIA，5099，贸易服务组）与亚洲航空X有限公司（AAX，5238，贸易服务组）今日终于反弹。
闭市时，亚洲航空报88.5仙，上扬10.5仙或13.46%，成交量达1亿7717万7800股，是最热门股。市值达23亿7900万令吉。
该股一度涨12仙至90仙。
亚洲航空X则上扬1仙或6.67%，至16仙，成交量为1916万8600股，市值为6亿6370万令吉。
资深抽佣经纪黄峋理表示，投资者正面看待为了应对货币与经济事务而设立的特别经济委员会。
“投资者相信这个由资深经济学家组成的团队，将祭出良策。另外还有两名来自国库控股的成员。”
他向theedgemarkets.com说：“大家看好这个委员会，这份信心也反映在今天的股市。亚洲航空和子公司的股票，被视为跟政府的举措有莫大关联。”
这个被视为打救经济、阵容强劲的团队，由首相署部长拿督斯里阿都瓦希领导，成员包括联昌国际集团（CIMB，1023）主席拿督斯里纳西尔、国库控股副主席兼前第二财长丹斯里诺莫哈末、国库控股董事经理丹斯里阿兹曼莫达、大马银行协会主席兼马来亚银行（MAYBANK，1155）总执行长的拿督阿都法立、中国银行业监督管理委员会首席顾问丹斯里沈联涛。
加入他们的还有 Symphony Life Bhd ( Financial Dashboard) 执行主席丹斯里莫哈末阿兹曼、大马评估机构（RAM）总执行长拿督斯里哥文丹、马来西亚国立大学（UKM）校长拿督末阿兹兰，以及大马厂商联合会（FMM）主席拿督斯里苏子文。纳吉说，几名来自财政部、国家银行、国际贸易与工业部、证券监督委员会（SC）和首相办公室的人员也会纳入该委员会阵容。http://www.kwongwah.com.my/?p=6462
相信达标有很大机率,参考,进出自负！
1)特别经济委员会重振信心 亚航亚航X股价回弹
27/08/201519:20
（吉隆坡27日讯）经过一轮下跌，在首相拿督斯里纳吉宣布设立特别经济委员会（SEC），亚洲航空有限公司（AIRASIA，5099，贸易服务组）与亚洲航空X有限公司（AAX，5238，贸易服务组）今日终于反弹。
闭市时，亚洲航空报88.5仙，上扬10.5仙或13.46%，成交量达1亿7717万7800股，是最热门股。市值达23亿7900万令吉。
该股一度涨12仙至90仙。
亚洲航空X则上扬1仙或6.67%，至16仙，成交量为1916万8600股，市值为6亿6370万令吉。
资深抽佣经纪黄峋理表示，投资者正面看待为了应对货币与经济事务而设立的特别经济委员会。
“投资者相信这个由资深经济学家组成的团队，将祭出良策。另外还有两名来自国库控股的成员。”
他向theedgemarkets.com说：“大家看好这个委员会，这份信心也反映在今天的股市。亚洲航空和子公司的股票，被视为跟政府的举措有莫大关联。”
这个被视为打救经济、阵容强劲的团队，由首相署部长拿督斯里阿都瓦希领导，成员包括联昌国际集团（CIMB，1023）主席拿督斯里纳西尔、国库控股副主席兼前第二财长丹斯里诺莫哈末、国库控股董事经理丹斯里阿兹曼莫达、大马银行协会主席兼马来亚银行（MAYBANK，1155）总执行长的拿督阿都法立、中国银行业监督管理委员会首席顾问丹斯里沈联涛。
加入他们的还有 Symphony Life Bhd ( Financial Dashboard) 执行主席丹斯里莫哈末阿兹曼、大马评估机构（RAM）总执行长拿督斯里哥文丹、马来西亚国立大学（UKM）校长拿督末阿兹兰，以及大马厂商联合会（FMM）主席拿督斯里苏子文。纳吉说，几名来自财政部、国家银行、国际贸易与工业部、证券监督委员会（SC）和首相办公室的人员也会纳入该委员会阵容。http://www.kwongwah.com.my/?p=6462
2)
PETALING JAYA: AirAsia Bhd’s share price fell to a fresh low of 78 sen yesterday, down nine sen on active trade and concerns regarding its Indonesian affiliate.
Year-to-date, the airline’s share price has dropped more than 70%.
For the second quarter ended June 30, 2015, the airline’s Indonesian affiliate, Indonesia AirAsia, recorded a revenue of 1,266.83 billion rupiah, down 16% year-on-year, which was in line with the 12% decrease in capacity and 18% drop in the number of passengers carried.
AirAsia, which has borrowings in US dollars for its fleet of aircraft, registered a profit attributable to shareholders of RM243mil in the second quarter, down 33.8% from a year ago.
This was achieved on a marginally higher revenue of 1% to RM1.32bil, backed by a 7% passenger growth to 5.95 million with 80% load factor.
3)
Date: 21/08/2015
Results
Deviations
Dividends
Highlights
Risks
Forecasts
Rating
BUY
Positives
Negatives
Valuation
Source: Hong Leong Investment Bank Research - 21 Aug 2015
4)
Date: 21/08/2015
Period
2Q15/1H15.
Actual vs. Expectations
AIRASIA’s 1H15 core net profit of RM262m accounts for 41% both our and consensus’ fullyear
estimates. We deem the results as inline as we are expecting a stronger 2H15 backed by a
seasonally stronger quarter in 4Q15.
Dividends
No dividend declared in 2Q15, as expected.
Key Results Highlights
YoY, AIRASIA’s 1H15 core net profit saw a major improvement by 72% to RM262m despite a
flattish revenue of RM2,622m. This is mainly due to the improvements in operating margins
driven by lower fuel costs that came down by 14%, coupled with better contribution from its
associates (+569%) i.e. TAA, AAE Travel. That aside, average fare and ancillary per pax also
seen minor improvements by 1% to RM133.1/pax and RM42.6/pax, respectively.
QoQ, its 2Q15 revenue improved by 2% to RM1,325m, but its core net profit declined by 28%
to RM109m. The decline in profitability was mainly driven by several factors, i.e. spike in staff
costs (+12%) due to late bonus payments, higher financing costs (+7%) and also a lower
contribution from its associates (-65%). On a positive note, its average fare per pax has seen
an improvement of 4% to RM135.5/pax, while its passenger load factor remains healthy at
80% (+5ppt) as a result of better capacity management.
Outlook
Moving forward, we believe that should the yields be maintained at current levels, AIRASIA will
continue to benefit from lower jet fuel costs. That aside, management highlighted in its
teleconference that they are highly confident in turning around its Indonesian (IAA) and
Philippines (PAA) associates by year-end. Their plan of raising funds of c.USD200m for both
IAA and PAA through convertible bond and equity injection is still on-track and management
is targeting to complete the exercise by year-end.
Change to Forecasts
No change in our earnings estimates.
Rating
Maintain OUTPERFORM
Valuation
We are reiterating our OUTPERFORM call on AIRASIA with a lower Target Price of RM1.86 based
on 1.32x FY15E PBV, after factoring in the potential impairment of RM1.6b in our Scenario 2
analysis report dated 19th June 15.
Risks to Our Call
Sharp decline in airfares on intensified price war.
Sharp fluctuation in currency and fuel price.
War, global political risk, pandemic.
Source: Kenanga Research - 21 Aug 2015
5)
Date: 21/08/2015
What’s New
AirAsia’s 1H15 core net profit of MYR222.0m (+46% YoY) was below expectation at 28% of ours
and 34% of street full year forecasts. There were plenty of uncanny cost fluctuations relating to
aircraft disposal and termination charges which we didn’t anticipate. Some noteworthy updates
from the management as follows: i) On a deleveraging exercise, sold 10 aircraft to third parties
and will sell a further six more by end of the year.
ii) Fleet growth plans have been skimped down and growth rates will be at modest rate up till the
end of the decade.
iii) Addressing capital concerns at Indonesian AirAsia (IAA) via redeemable convertible preference
share (RCPS).
iv) Management is very upbeat on 2H15 prospects on the back of Malaysian Airline’s capacity cuts.
What’s Our View
We can’t get a handle on AirAsia’s cost which is fluctuating a lot on a quarter to quarter basis.
We impute all the new cost items and revise our FY15-17 earnings forecast by -11.8%, +0.6%
and -1.6% respectively. As such, we derive a new target price of MYR2.05 (from MYR2.32) pegged
to an unchanged 8.0x FY15 PER, which is the bottom end of the typical cycle of 8-15x for airlines
. AirAsia has lost more than half of its value in the past 12-months and is now the cheapest LCC
globally. BUY.
Source: Maybank Research - 21 Aug 2015
6)
Date: 21/08/2015
AirAsia reported net profit of RM243m (-33.8% YoY) for its 2QFY15. Excluding forex loss,
tax incentives and other one-off gain/loss, its core net profit for the quarter was
RM109.5m (+61.6% YoY). For 1HFY15, AirAsia core net profit increased by 37.2%
YoY to RM262.4m from RM191.3m in 1HFY14. Although core net profit only accounting
for 40.7% and 43.3% of ours and consensus estimates respectively, the results wer
e broadly in line as we expect a stronger 2HFY15 due to seasonality. Our Outperform call
on AirAsia is maintained at the target price of RM1.88 tagged to 10x FY16F EPS.
2QFY15 revenue flat YoY, but higher net operating profit. AirAsia reported flat revenue growth
of 1.1% YoY in 2QFY15 to RM1.32bn. Despite a decline in average passenger fare by 10.2% YoY
to RM141 due to fuel surcharge removal early of this year and revenue per ASK (RASK) reduced
by 5.2% YoY to 14.6sen, the passenger traffic growth during the quarter jumped by 6.8% YoY.
The ancillary revenue per passenger has slightly increased by 2.2% YoY to RM46 from RM45 in
2QFY14. Cost per ASK in 2QFY15 has decreased to 11.9sen (-10.8% YoY), due to lower fuel
expenses (-18.1% YoY), maintenance and overhaul costs (-20.5% YoY) and depreciation
(-12.9% YoY). Hence, net operating profit in 2QFY15 was soared by 39.8% YoY to RM243.5m.
(Table 1-3)
Outlook. Management believe AirAsia will benefit from better operating environment in 2HFY15
due to capacity reduction and route cancellations by other players, positive fare trend, recovery
of Chinese travelers demand and lower fuel prices. The Group expects to achieve ancillary income
per pax to RM50 by end of the year and focusing on building cash through its capacity
management strategy. Thailand (TAA) is expected to see growth from China traffic. Meanwhile,
Indonesia (IAA) will reduce its fleet size by 4 aircraft to operate at its optimal capacity and improve
aircraft utilisation by terminating non-profitable routes and focusing more on international routes.
Also, Philippines (PAA) is expected to reduce its cost further through its re-fleeting plan by selling
older aircraft owned by Zest Air and in discussion to early return its aircraft to third party lessors
by end of FY15.
Maintain Outperform with target price of RM1.88 pegged to 10x FY16F EPS. At this current
share price, AirAsia is trading at a compelling PE ratio of 4.3x FY16F earnings, which is at its
lowest 4-year historical PER (Chart 1). We like AirAsia for its solid long-term potential growth
prospects, low-cost competitive advantage and network connectivity & synergies within the
AirAsia Group. We anticipate AirAsia to benefit from lower fuel prices and yield recovery environment.
Source: PublicInvest Research - 21 Aug 2015
7)
11
http://klse.i3investor.com/files/my/ptres/res31915.pdf
Date: 21/08/20
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