Selasa, 18 Jun 2013

The Star Online: Business


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The Star Online: Business


Inter-Pacific Research values AirAsia X at RM1.66

Posted: 18 Jun 2013 06:55 PM PDT

KUALA LUMPUR: Inter-Pacific Research Sdn Bhd values AirAsia X Bhd (AAX) at RM1.66 and it said the fair value implies an enterprise value per earnings before interests, taxes, depreciation and amotisation valuation of 9.5 times, above AirAsia Bhd's (AA) 8.0 times.

"We deem it to be justifiable due to AAX's unique positioning of being a long-haul low cost carrier (LCC)," it said.

It added AAX is unlikely to declare high dividends but its offer of unique payment-in-kind shareholder benefits for initial public offering subscribers would be sufficient to draw the interest of inaugural investors

It said AAX fares are 30%-50% cheaper than Full Service Carrieers (FSC) and to keep cost low, AAX has withdrawn some non-profitable routes like London, Paris, Mumbai, Delhi, Christchurch and Tehran

"Planes that flew these routes have since been redeployed to more profitable routes (increased frequencies) or are being wet leased. Management however highlighted the possibility that these routes will be restored," it said.

Inter-Pacific said AAX made losses in financial year 2011 but made a turnaround in financial year 2012.

"Its FY11 saw losses due to now-discontinued loss-making routes, as flights to New Zealand, India and Europe. Seat capacity was reduced in FY12, which effectively reduced scheduled flight revenues from RM1.4bil in FY11 to RM1.2bil in FY12.

"The reduction in scheduled flight revenue however was compensated by the increased fuel surcharges (which were reintroduced in Sep'11) from RM44.4mil to RM148.2mil. Net losses of RM96.7mil in FY11 turned into net profits of RM33.8mil in FY12," it said.

It added it expects the passenger load to grow but not exponentially due to competition and also a degree of market cannibalism from planned increased flight frequencies for existing routes.

"We impute low tax rates for AAX as it is currently benefits from Investment Allowance Tax exemption which allows 60% of its capex to be set off against 70% of its statutory income. The tax exemption will expire in 2014 but the possibility of an extension is high," it said.

It said AAX plans to increase frequencies to its existing routes as they believe these routes are still underserved and plans have been drawn for routes such as Adelaide in Australia, Nagoya and Fukuoka in Japan and Chongqing and Xian in China.

"It believes that any additional capacity will be absorbed by strong demand. Currently, AAX plans to increase frequencies to Sydney, Melbourne, Perth and Taipei later in FY13,' it said.

Inter-Pacific said AAX plans to operate its first new hub outside of Kuala Lumpur in Thailand via its associate, Thai AAX Co, to leverage on AA's and tap into feeder traffic emanating from Bangkok, currently the preeminent regional air traffic hub.

For its inaugural payment-in-kind benefits, it said those who subscibe 10,000-99,999 shares will be able to redeem annually one non-transferable ticket to any of AAX's destinations originating from Malaysia for three years, provided the shareholder continued to hold a minimum of 10,000 shares annually.

Those who subscribe more than 100,000 shares will be able to redeem 3X non-transferable tickets to AAX's destination originating from Malaysia for 3years, providing the shareholder continue to hold a minimum of 100,000 shares annually.

Affin Research maintains "Add" call on Berjaya Sports Toto

Posted: 18 Jun 2013 06:19 PM PDT

Published: Wednesday June 19, 2013 MYT 9:19:00 AM

KUALA LUMPUR: Affin Research is maintaining its "Add" call on Berjaya Sports Toto Bhd with an unchanged target price of RM4.95.

"We estimate a maximum scenario of 50 sen bumper cash dividends in return for a 20.5% dilution resulting from a stake sale with the listing of STM Trust based on a potential market capitalisation of S$2.4bil (RM6.0bil)," it said.

It added despite a seasonally stronger Chinese New Year sales season, higher operation expenses and lower earnings stream from 88%-owned Berjaya Philippines led to a weak close for financial year 2013.

"Its 4Q13 core net profit fell 17.1% on-year and 12.1% on-quarter to RM75.6mil. This brings full year financial year 2013 core net profit, excluding a RM8.8mil disposal gain from a 17% equity stake in Casis Intl Pte Ltd, to RM376.2mil which is down 7.2% on-year," it said.

It added its 4Q13 revenue rose 1.6% on-year and 4.8% on-quarter to RM931mil due to higher sales during the Chinese New Year season.

"This helped offset weaker sales from 88%-owned Berjaya Philippines. Despite the topline growth, 4Q13 earnings before interest and tax fell 10.3% on-year and 13.4% on-quarter," it said.

KLCI opens higher, Genting up

Posted: 18 Jun 2013 06:18 PM PDT

KUALA LUMPUR: The firmer overnight close on Wall Street gave investors reason to nibble on Malaysian equities on Wednesday while technical wise, the outlook for the FBM KLCI remains favourable.

At 9.03am, the KLCI was up 4.58 points to 1,778.63. Turnover was 47.30 million shares valued at RM21.23mil. There were 151 gainers, 44 losers and 127 counters unchanged.

BIMB Securities Research said it expects a volatile market again today with immediate resistance at 1775/90 and immediate support at 1765/60.

Recapping Tuesday's market performance, the research house said the KLCI had opened in red on Tuesday at 1,769.58 or 2.59 points below the previous close.

It pointed out sentiments were biased toward negative in the morning with the index traded underwater most of the time. Buying interest surfaced in the afternoon which allowed the index to stays in positive region until the end of the day.

"Technical wise, outlook remains favourable with the index sustained at above the 9 100 intervals SMAs. It is now just one point below the 200 intervals SMA where a breakthrough would bring more optimism to the market and possibly led the index to a new high level.

"Both the MACD and ADX indicators maintain optimistic over the local market outlook now," said BIMB Research.

Petronas Gas rose 38 sen to RM21.48 while Genting Bhd added 10 sen to RM10.40.

Among the consumer stocks, Dutch Lady added 36 sen to RM47.90, Carlsberg 18 sen to RM15.80 while among the banks, HL Bank gained 10 sen to RM13.90 and H:FG eight sen higher to RM14.32.

Favelle Favco added 11 sen to RM2.83 as investors were upbeat on the crane manufacturer's prospects.

Aeon Credit continued to advance, rising 12 sen to RM17.60. The company is in the midst of working out a plan to increase its capital base.

Kredit: www.thestar.com.my

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