Stock Name: AIRPORT
Company Name: MALAYSIA AIRPORT HOLDINGS BHD
Research House: RHB
KUALA LUMPUR: RHB Research is maintaining the fair value of Malaysia Airports at RM7.67 based on 'sum-of-parts'.
It said on Monday, March 7 that based on news reports, the Sarawak government has offered AirAsia land to construct a low-cost carrier terminal adjacent to the existing Kuching International Airport.
' We are more inclined to view the move as nothing more than a pressure tactic against MAHB to compel it to reduce the passenger service charge (PSC) of RM51 in KIA currently vis-''-vis RM25 in KLIA-LCCT,' it said.
RHB Research said AirAsia recently also refused to move to the new terminal at Kota Kinabalu International Airport despite agreeing initially.
'Assuming the PSC at KIA and KKIA is reduced by 20% and 50% to RM25.5 and RM41, MAHB's FY12 net profit would be eroded by 1.4% and 2.3%. In FY10, we estimate KIA and KKIA contributed 6.8% and 8.5% of MAHB's total passenger traffic.'''' Fair value is RM7.67 based on 'sum-of-parts',' it said.
Company Name: MALAYSIA AIRPORT HOLDINGS BHD
Research House: RHB
KUALA LUMPUR: RHB Research is maintaining the fair value of Malaysia Airports at RM7.67 based on 'sum-of-parts'.
It said on Monday, March 7 that based on news reports, the Sarawak government has offered AirAsia land to construct a low-cost carrier terminal adjacent to the existing Kuching International Airport.
' We are more inclined to view the move as nothing more than a pressure tactic against MAHB to compel it to reduce the passenger service charge (PSC) of RM51 in KIA currently vis-''-vis RM25 in KLIA-LCCT,' it said.
RHB Research said AirAsia recently also refused to move to the new terminal at Kota Kinabalu International Airport despite agreeing initially.
'Assuming the PSC at KIA and KKIA is reduced by 20% and 50% to RM25.5 and RM41, MAHB's FY12 net profit would be eroded by 1.4% and 2.3%. In FY10, we estimate KIA and KKIA contributed 6.8% and 8.5% of MAHB's total passenger traffic.'''' Fair value is RM7.67 based on 'sum-of-parts',' it said.
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