Stock Name: MAS
Company Name: MALAYSIAN AIRLINE SYSTEM BHD
3Q11: Loss quantum shrinking
Within our expectation. RM1,032m (-172.4% YoY) 9M11 core net loss was 83% of our full-year forecast (in line) and 114% of consensus (below expectation). The loss was due to MAS' high cost structure coupled with high jet fuel prices and a weak yield environment. MAS is likely to suffer more losses in the next two quarters due to the current challenging operating environment. Maintain Hold with a TP of RM1.55/share - based on 5.6x 2012 adjusted EV/EBITDAR.
Maybank research (23 November 2011)
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Company Name: MALAYSIAN AIRLINE SYSTEM BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 1.55 |
3Q11: Loss quantum shrinking
Within our expectation. RM1,032m (-172.4% YoY) 9M11 core net loss was 83% of our full-year forecast (in line) and 114% of consensus (below expectation). The loss was due to MAS' high cost structure coupled with high jet fuel prices and a weak yield environment. MAS is likely to suffer more losses in the next two quarters due to the current challenging operating environment. Maintain Hold with a TP of RM1.55/share - based on 5.6x 2012 adjusted EV/EBITDAR.
Maybank research (23 November 2011)
Click here for full report ''
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