Stock Name: MAS
Company Name: MALAYSIAN AIRLINE SYSTEM BHD
Provisions, impairment and one-off charges. The 2011 reported net loss of RM2,521m was the biggest in MAS' history. However, stripping out RM1,258m for provisions, impairment and stock obsolescence, the core net loss was RM1,263m (+301% YoY). This was 4% better than our full-year forecast and 4% lower than consensus. We maintain our Hold call with a target price of RM1.55, pegged to 6.0x 2012 adjusted EV/EBITDAR ' on par with Asia Pacific airline peers.
Maybank Research 1 March 2012
Click here for full report
Company Name: MALAYSIAN AIRLINE SYSTEM BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 1.55 |
Provisions, impairment and one-off charges. The 2011 reported net loss of RM2,521m was the biggest in MAS' history. However, stripping out RM1,258m for provisions, impairment and stock obsolescence, the core net loss was RM1,263m (+301% YoY). This was 4% better than our full-year forecast and 4% lower than consensus. We maintain our Hold call with a target price of RM1.55, pegged to 6.0x 2012 adjusted EV/EBITDAR ' on par with Asia Pacific airline peers.
Maybank Research 1 March 2012
Click here for full report
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