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[公司专区] 3786 MAS 馬航

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发表于 2011-2-22 21:05 | 显示全部楼层
AirAsia, MAS down as oil price surges to October 2008 high at nearly USD94

KUALA LUMPUR: Shares of low-cost carrier AIRASIA BHD [] and MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) fell on Tuesday, Feb 22 as US light crude oil spiked up to US$93.82 as violence intensified in oil producer Libya.

At 3.48pm, AirAsia was down 16 sen to RM2.60 with 14.88 million shares done while MAS lost five sen to RM2.03 with 1.14 million units done.

US light crude oil surged US$7.62 to US$93.82, the highest since October 2008. London-traded Brent was up US$2 to US$107.73.

News reports, quoting Goldman Sachs Group Inc, said Brent may trade between US$105 and US$110 a barrel in coming weeks if uncertainty continues.

The reports said there were concerns the contagion would spread through the Middle East.

http://www.theedgemalaysia.com/b ... t-nearly-usd94.html

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发表于 2011-2-25 21:35 | 显示全部楼层
MAS 4Q earnings down 64.7pct to RM225.9m from RM640m yr ago, lower derivatives gains

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) posted net profit of RM225.92 million in the fourth quarter ended Dec 31, 2010, a decline of 64.7% from RM640.12 million a year ago, on lower derivative gains, higher finance costs and losses from foreign currency hedging contracts.

The national carrier said on Friday, Feb 25 its revenue rose 8.2% to RM3.67 billion from RM3.39 billion a year ago. Earnings per share were 6.76 sen compared with 31.17 sen. It recorded an operating profit of RM137.3 million in 4Q mainly due to higher operating revenue and improvement in its yield.

MAS said it recorded lower derivative gain of RM143.77 million, down about 75% from the RM581.69 million in derivate gains a year ago. Its finance costs rose to RM32.44 million from RM19.94 million. It also incurred loss of RM28.6 million in foreign currency hedging contracts compared with loss of RM7.4 million a year ago.

For FY10, it recorded net profit of RM234.47 million, down 54.9% from RM520.24 million in FY09. Revenue was higher by 17% at RM13.58 billion from RM11.60 billion.

MAS said it met its “target” range of RM200 million toRM425 million, adding that for 2011, its operating profit target was RM300 million to RM600 million, while on time performance target was 84.7% to 87%.

Commenting on its prospects, MAS said although the International Air Transport Association (IATA) reported strong full year 201 demand in both the passenger and cargo business, IATA now expects industry profits to fall in 2011.

It said a number of uncertainties had plagued the market, with recent oil prices movement being one of the major concerns. In addition, economic uncertainties and severe weather setbacks will add to the challenges faced by airlines globally, it said.

The operating environment will become more challenging in 2011, with the average fuel price expected to increase significantly and global GDP growth expected to fall to 2.6% compared to 3.5% in 2010, it said.

MAS said it would continue to strengthen its competitive edge by continuously improving customer experience, improving external and internal systems and infrastructure as well as improving its pricing approach to strengthen yields.

The carrier said it would take delivery of a further four B737-800s and five A330s in 2011, and work was also underway to prepare for the delivery of its flagship A380 in 2012.

“In total, MAS has ordered 45 B737-800s, six A380s and four A330s freighters which will be delivered in the next five years. By 2015, MAS will be operating one of the youngest fleets in the region, supporting its vision of becoming Asia’s Number One Full Service carrier,” it said.

http://www.theedgemalaysia.com/b ... -rm640m-yr-ago.html

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发表于 2011-2-25 22:38 | 显示全部楼层
受燃油價上漲影響
馬航淨利挫半至2.3億


(吉隆坡25日訊)客流量雖增加,但因受燃油價格走勢衝擊,馬航(MAS,3786,主要板貿易) 2010財年營業額雖增長,但淨利卻按年下挫55%或2億8557萬令吉,報2億3447萬令吉。

馬航董事經理兼總執行長東姑拿督阿茲米指出,第四季營運盈利則按年增加1億800萬令吉。

“在去年公司成功在擴大運能的同時,亦取得5%回酬,公司的每公里座位(ASK)增加6%至18.8仙 ,客流量也增加10%,載客率從前一年的76.5%增加至77.4%”

他今日在馬航財報匯報會上,發表上述。;列席者包括公司總財務長莫哈末阿茲哈。

公司全年營業額按年增加17%至135億8761萬令吉。

客流量增15%

第四季營業額達36億7314萬令吉,按年增幅8%;第四季淨利則滑65%至2億2592萬令吉。

他說,09年因燃油價格瞬間飆升,公司護盤有利,因此淨利得以推高,但2010年油價揚勢較緩和,影響淨利增幅。

他指出,公司今年將維持25%護盤比例,平均每桶燃油護盤價為88美元(約269令吉)。

“不過,營運盈利才是反映公司營運狀況的最佳指標,公司從09財年起營運盈利擺幅(Profit swing)介于8億7900萬令吉,這意味著公司在運量和回酬方面均取得健康成長。”

他說,隨著今年將有4架A737-800型號飛機和5架A330-300型號飛機將陸續運達,預計將可進一步提高馬航于區域的競爭力,公司去年的客流量增幅達15%,超越區域其他航空業者。

不排除上調燃油附加費

原油價格漲勢不休,馬航表明將密切關注走勢,不排除有必要時上調燃油附加費。

阿茲米指出,若只是短期波動或漲幅不大,公司將不會調高燃油附加費,但若留意到油價已在穩定在較高水平,公司將從長計議。

“至于漲幅多大,仍胥視到時的原油價格走勢而定。”

馬航護盤的是西德州原油(WTI Cushing) ,截至今日7時30分,西德州原油現價每桶報95.78美元(約292令吉),公司護盤價格為每桶88美元。

詢及近期西亞國家動當局勢會否影響馬航客流量時,他說,馬航未有巴林、突尼西亞和埃及航線,因營運情況未受衝擊。

但他坦言,今年首季因歐美經濟復甦充滿不明朗,將影響公司營業額表現。

“公司在未來數年將把擴展主力放在亞太市場,透過增加飛機和航線,取得更大市場分額。”

http://www.chinapress.com.my/con ... t=0226bsa009a02.txt

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发表于 2011-2-25 22:51 | 显示全部楼层
馬航末季淨利跌64.71%

(格那拉再也25日訊)馬航(MAS,3786,主板貿服股)2010財政年末季(截至2010年12月31日)盈利按年下滑64.71%至2億2591萬令吉,比較去年同期的6億4012萬令吉,儘管該公司取得1億3700萬令吉的營運盈利。

馬航末季的營業額則從上一財政年同期的33億8806萬令吉,上升8.41%至36億7313萬令吉。該公司在全年則取得2億3446萬令吉淨利,比上一財政年的5億2003萬令吉,下跌了54.91%,營業額則從116億零551萬令吉,上升17.08%至135萬8761萬令吉。

單季全年淨利皆下滑

該公司在單季及全年的淨利皆下滑,因為該公司取得較低的延伸回酬。該公司的董事經理兼首席執行員拿督斯裡阿茲米爾查魯丁在業績匯報會上指出,由於2010財政年中的燃油價格的漲幅不大,因此該公司在燃油護盤上的收益減少,導致淨利下滑。

儘管如此,該公司在末季取得1 億3700萬令吉的營運盈利,上一財政年同期為1億零800萬令吉。該公司在全年則取得2億6400萬令吉的營運盈利。

在2010財政年,可用座位裡數收入增長9%至18.2仙,客流量也增加15%,承載量及載客率則分別增長4%及7.5%。

集團非燃料可用座位裡數成本則下跌2%至17.6仙。該公司的運貨業務也表現強勁,在連續5個季度皆取得盈利,當中的收益上升13%至81.9仙。

阿茲米爾查魯丁表示,該公司的表現取得強勁回彈,是因為通過增加班次、新航線、來自更高的入座率及更強勁的國際營業額,導致承載量有所增加。

該公司也設下目標,在現財政年取得3億至6億令吉的營運盈利。該公司將通過擴大承載量、收購新飛機、提升產品及客戶體驗、管理成本等策略,來達到有關目標。當中,該公司會在今年取得4架737-800型號及5架A330-300型號新飛機。接下來,該公司也會著重改善商務艙業務。

無論如何,現財政年首季對該公司來說會是一個艱難的季度,因為目前中東、北非及埃及的政治動亂導致油價飆升,進而令燃油價格上漲。因此,該公司將會密切留意價格的波動,惟阿茲米爾查魯丁沒透露該公司何時調漲燃油附加費。

他指出,該公司已重組其燃油護盤水平,即25%的燃油需求是以每桶88美元作護盤。他表示,該公司會採取具競爭力的護盤策略,以減低燃油價格上升的衝擊。

他也表示,由於該公司並沒有提供飛往埃及、巴林及突尼斯的航線,因此當地的政治動亂目前不會對該公司造成明顯影響。另外,他透露,大馬機場(AIRPORT,5014,主板貿服股)有意調漲機場收費。他希望此事不會發生,並且該公司會密切留意相關發展。

http://www2.orientaldaily.com.my ... nzs0oi422T72AsW63GS

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发表于 2011-2-25 23:41 | 显示全部楼层
要了。。。 时候到了。可以进场了。现在 1。92

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发表于 2011-3-3 13:13 | 显示全部楼层
機隊更新作用微‧油價影響‧馬航收益率增長仍存隱憂

    * 大馬財經

2011-03-03 12:15

(吉隆坡2日訊)馬航(MAS, 3786, 主板貿服組)放眼該公司在2011及2012財政年的收益率增長2仙,主要由新飛機啟動後的高收益產品拉動,但興業研究對該公司通過全盤的機隊更新計劃仍然無能力讓收益率增長仍然存有隱憂。

1至2年無籌資計劃

馬航管理層在分析員匯報會上強調,在未來1至2年無意籌資,因其資產負債表強穩、營運現金流動正面、以及可以選擇出租或達致出售與回租協議,以應付龐大新飛機的送抵融資。

馬航較早有意至少擁有及出租每一架飛機的三分一,使到其餘三分一的本身租賃選擇仍然公開,胥視未來財務狀況而定。

興業估計,目錄價格每折價30%,飛機訂單的總成本估計約164億令吉。

馬航的新機隊需數年時間送抵及啟動,而在全球航空業轉晴下,馬航將善用現有機隊達到最佳效能。

另一方面,興業指出,全球航空業的扭轉乾坤或縮短,因北非及中東的動盪不靖或加劇油價的高漲。

護盤25%燃油凈利將侵蝕7%

馬航在2011財政年護盤25%的燃油,每桶為88美元。飛機燃油每上調1美元,馬航的2011財政年凈利將侵蝕7%。

興業根據2011財政年的14倍本益比把此股指標價訂為1令吉91仙,以期符合其最接近的競爭者水平。

馬航表示將通過系列的營運措施增強其收益率,包括轉移至新營收管理系統、重新部署區域經理至吉隆坡、通過“競標”程序分配馬航在全世界機票辦事處的機位,比較過去是固定的分配方式;以及提升高收率的中途航程領域。

興業對上述評估的風險,包括馬航收益率比預期亮麗、飛機燃油成本較低、及有效的控制流感疫情的爆發。

星洲日報/財經‧2011.03.03

http://biz.sinchew-i.com/node/44533

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发表于 2011-3-7 17:53 | 显示全部楼层
RHB Research maintains underperform on MAS, FV RM1.91

KUALA LUMPUR: RHB Research said MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) guided for a two sen increase in yields in FY11, driven by its ability to roll out higher-yielding product offering with more new aircraft coming into the system.

The research house said MAS was undertaking measures to increase the yields via various operational initiatives.

These include the migration to a new revenue management system; re-positioning of its regional managers to KL; and the distribution among MAS ticket offices around the world of flight seats via a “bidding” process vis-à-vis fixed allocation previously; and beefing up the high-yielding medium-haul sectors.

“MAS reiterated that it has no plan for another cash call over the next 1-2 years as a strong balance sheet, positive operating cashflow, coupled with the availability of options to lease and/or enter into sale-and-lease-back agreements should take care of the funding of its massive new aircraft delivery,” it said.

http://www.theedgemalaysia.com/b ... n-mas-fv-rm191.html

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发表于 2011-3-17 13:56 | 显示全部楼层
17 Mar 上午毕市-1.80

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发表于 2011-3-17 23:04 | 显示全部楼层
HDBSVR ups fuel price outlook to US$125 per barrel, cuts airlines earnings

KUALA LUMPUR:  Hwang DBS Vickers Research said amidst the on-going uncertainties in the Middle East and North Africa region, fuel prices have soared substantially in the last 4 weeks

“We raise our average FY11 jet fuel assumptions from US$105 per barrel to US$125 per barrel and cut FY11 earnings by 10%-46% for the various regional airlines,” it said on Thursday, March 17.

HDBSVR said strong demand and fuel surcharges help to offset some but not all of the increase in fuel costs, with premium network airlines being better positioned than others to deal with higher jet fuel costs.

“We have downgraded MAS and AirAsia but still like SIA, Cathay Pacific, Thai Airways, Air China as well as China Southern Airlines, primarily as we believe share prices have declined beyond what is still a fairly sanguine outlook for these carriers,” it said.

http://www.theedgemalaysia.com/b ... lines-earnings.html

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发表于 2011-3-18 10:31 | 显示全部楼层
燃油價上看125美元
馬航亞航評級下調


(吉隆坡17日訊)西亞和北非不穩政局持續,國際油價繼續看漲,券商估計今年飛機燃油每桶將達125美元(約382令吉),馬航(MAS,3786,主要板貿易)及亞洲航空(AIRASIA,5099,主要板貿易)財測遭砍、投資評級被降。

黃氏星展唯高達研究分析報告指出,自今年初以來,燃油價已激增超過25%,目前每桶超過130美元(約397令吉),首2月平均價是115美元(約351令吉)。

股價應聲跌

“我們早前預測,今年的燃油價是每桶105美元(約321令吉),但因地緣政治局勢牽引的油價走勢難測,所以決定調高今年燃油價預測到每桶125美元,明年是131美元(約400令吉)。”

報告說,相信優質航空公司如新加坡航空、國泰航空和中國國際航空,比較容易轉嫁較高的成本給消費者,透過征收燃油附加費或較高票價。

“相對的,業者如泰國航空和馬航卻得吸納燃油催升的更高成本,因為若調高票價將衝擊需求;燃油價高企和疲弱回酬則為亞航帶來顯著衝擊。”

該證券行把馬航和亞航評級,從“守住”和“買進”調降到“全面反映價值”,后者今明財年盈利預測更被大砍46%和49%。

馬航原有1.85令吉目標價減至1.50令吉,亞航目標價則從3.75令吉降至2令吉。

面對券商的負面評級,馬航和亞航股價難逃跌勢,最后閉市馬航報1.83令吉,漲1仙,交投55萬1800股,亞航收在2.48令吉,滑5仙,成交量616萬5300股。

馬航:地震料拖低盈利

日本大地震讓航空業今年面對更大挑戰,但衝擊不會像去年冰島火山爆發般嚴重。

馬航(MAS,3786,主要板貿易)董事經理兼總執行長東姑拿督阿茲米指出,如今尚太早斷定地震會如何影響業者的盈利,但肯定會成為拖低今年盈利的因素之一,讓今年營運充滿挑戰。

他接受“路透社”專訪說:“從航空業的觀點來看,對我們的衝擊或少過冰島火山爆發,但不代表我們低估這場災害。”

他透露,馬航的班機初期確實受干擾,但基本上已恢復正常,惟仍需觀察情況和輻射狀況。

“至于航班的需求不太強勁,歐洲需求相當疲弱,美國則從低基準恢復,亞洲尚算不俗。”

儘管挑戰重重,阿茲米說,有信心馬航能迎來更穩健的未來,尤其公司過去5年改變甚多,如今處于更好狀態,並致力簡化成本架構。

“我們的前景很大程度取決于油價,它是單一最大成本,繼而鑑定今年會否增加機隊產能。”

http://www.chinapress.com.my/con ... mp;art=0318bs04.txt

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发表于 2011-3-23 17:32 | 显示全部楼层
Changes in MAS’ boardroom

KUALA LUMPUR: Malaysian Airline System Bhd (MAS) yesterday announced some changes in its boardroom following the resignation of independent and non-executive director Datuk Yusoff @ Hunter Mohamed Kassim.

Yusoff was appointed to the board of directors of MAS on Jan 23, 2006. According to an announcement to Bursa Malaysia yesterday, he also sits on the board of Saham Sabah Bhd, Sabah Development Bank Bhd and Kojasa Holdings Bhd. Datuk Abdul Rahman Ghani, who is the alternate director to Yusoff, also ceased to hold the position.

Meanwhile, Datuk Sukarti Wakiman was appointed independent and non-executive director effective yesterday.

Sukarti also sits on the board of Borneo Housing Mortgage Finance Bhd, Kumpulan Wang Simpanan Pekerja and Universiti Malaysia Bhd. At the same time, Datuk Pengiran Hassanel Mohd Tahir was appointed an alternate director to Sukarti.   

http://www.theedgemalaysia.com/i ... mas-boardroom-.html

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发表于 2011-4-8 21:34 | 显示全部楼层
MAS inspecting 737 fleet after US roof incident

KUALA LUMPUR: Malaysia Airline System Bhd (MAS) is at the preliminary inspection stage of several of its Boeing 737 aircraft following news that the roof of a 737 had split open mid-flight in the US earlier this month, said an airline official.

Engineering and maintenance executive vice-president Mohd Roslan Ismail said in a statement to The Edge Financial Daily that more information would be disclosed after the inspections were completed, adding that “several” of its 737s fell into the category which required inspection.

“We are managing the situation to ensure that it will have minimal or no impact on our operations,” he said. “Passengers can rest assured that we constantly ensure our aircraft are fit to fly.”

According to MAS’ website, it presently has 37 Boeing 737-400 aircraft, which can seat up to 144 passengers, and three Boeing 737-800 aircraft which can seat up to 189 passengers.

Roslan said MAS’ 737s undergo stringent safety checks and maintenance processes on a regular basis.

“Our usual process is that after the supplementary check, which is done every 40 days, the aircraft will undergo more detailed checks, first at 550-hour intervals, then at intervals of 4,400 flying hours followed by detailed checks and overhaul at 17,600 and 24,000 flying hours,” he said.

“All inspections and checks done are as per the manufacturer’s recommendations and approved by the Malaysian Department of Civil Aviation.”

This heightened attention to safety comes on the back of news that on April 1, the roof of a Southwest Airlines Co plane en route from Phoenix, Arizona, split open mid-flight, resulting in a loss of cabin pressure. The 737s are reportedly the world’s most widely flown jet.

The Federal Aviation Administration (FAA) was to issue an emergency directive yesterday requiring carriers to inspect about 175 older 737 planes, including 80 planes registered in the US, which have taken off and landed more than 30,000 times.

According to Bloomberg, cracks were discovered in three of Southwest’s 737-300s in inspections for metal fatigue, resulting in the cancellation of some 670 flights since the news broke.

The Associated Press, meanwhile, reported that Southwest had said that nearly all its grounded planes were expected to be back in the air by late Tuesday.

Roslan added that Boeing Co had only recently issued a service bulletin to all airlines calling for immediate inspections for cracks at the crown area of the aircraft.

Asked whether this new safety concern would affect MAS, a local aviation analyst said he expected the impact would be minimal.

“US aviation requirements are much tighter; I don’t foresee a major issue affecting Malaysian carriers,” he said.

Earlier this year, MAS had said it was studying the possible purchase of 737-900ER planes to substitute its current order of 737-800s. According to news reports, the flag carrier was said to be interested in the aircraft and had the right to substitute its order.

It was reported late last month that MAS’ unit FlyFirefly Sdn Bhd was leasing two 737-400 aircraft for less than five years, while it also had plans to bring 30 737-800 aircraft into service between now and 2015.

Airlines have been particularly cautious of potential problems with their aircraft after Australian carrier Qantas reported that Rolls-Royce engines in two planes failed late last year.

http://www.theedgemalaysia.com/i ... -roof-incident.html

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发表于 2011-4-13 23:14 | 显示全部楼层
MAS says earnings impacted by high fuel prices

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD []’s (MAS) earnings in the first quarter ended March 31, 2011 were impacted by the higher fuel prices, said its managing director and chief executive officer Tengku Datuk Azmil Zahruddin said.

He said on Wednesday, April 13 the high fuel price is “definitely making a negative impact on us”.

Tengku Azmil said about 25% of the airline’s jet fuel for 2011 was hedged at US$90 per barrel but the price was now about US$140. On April 1, it was US$136.40.

IATA had forecast jet fuel price to average US$123.10 per barrel this year and the impact on the 2011 fuel bill would be US$53 billion.

As for the fuel surcharges, he said they were insufficient due to the high fuel prices. The fuel charges were increased on a region to region basis.

http://www.theedgemalaysia.com/b ... gh-fuel-prices.html

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发表于 2011-4-14 20:43 | 显示全部楼层
Thursday April 14, 2011

MAS expects lower capacity growth

CEO: High jet fuel price a challenge this year

KUALA LUMPUR: Malaysia Airlines (MAS) expects a capacity growth of less than 10% this year, said managing director and chief executive officer Tengku Datuk Azmil Zahruddin.

Also, due to the present high jet fuel price, the national carrier had been raising fuel surcharges in the regions it operates over the past few months.

“The price of jet fuel is currently about US$140 per barrel. The increase in fuel surcharges is by double percentage points depending on region,” Azmil said.

He also said due to the Japan disaster, MAS had reduced its flights to Tokyo from 11 to seven times a week.


Malaysia Airlines managing Director and CEO, Tengku Datuk Seri Azmil Zahruddin at press conference during Invest Malaysia 2011 conference in Shangri La Hotel. AZMAN GHANI/The Star
Azmil added that MAS saw strong rebound in 2010.

“2009 was not a good year. But last year, we had modest capacity growth of 4% and high traffic growth of 15%,” he said.

He pointed out that MAS was aiming to become the No. 1 airline in Asia. “This will not happen in one or two years, but it is what we have set to to do.”

Azmil said key factors in its ambition included enhancing customer experience, a fleet renewal programme and lower operating costs through better efficiency and less wastage.

“Renovations are on-going at KL International Airport in order to enhance the experience for first- and business-class passengers. We have just taken delivery of a new Airbus A330.

“We also have four new Boeing 737-800 units. Our orders are for up to 55 new Boeing 737-800 units, and we have options to change these to 737-900 units if we feel it makes sense for us to do so. By 2015, we will have one of the youngest fleets in the world.”

Azmil added that the new aircraft would help the company reduce cost. “These new aircraft have better fuel burn, and lower maintenance costs, better reliability, and can fly more hours daily compared to our existing aircraft.

“Our target is to reduce unit cost by 15% over the next few years.”
http://biz.thestar.com.my/news/story.asp?file=/2011/4/14/business/8477204&sec=business

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发表于 2011-4-14 22:06 | 显示全部楼层
馬航應對高油價 實施新營業額管理系統

(吉隆坡13日訊)馬航(MAS,3786,主板貿服股)今年將實施新的營業額管理系統,以應對原油價格持續上漲的衝擊,同時達到削減成本的效應。

載客量成長下調至10%

另外,基於中東動亂及日本地震料對航空需求帶來影響,因此該公司下調其2011年的載客量成長至10%。

早前,原油價格持續上漲,加重了馬航的營運成本,因此該公司計劃縮緊各類成本,並著重提高產品的素質,包括增設更多的管道供客戶查詢飛機航班、提供職員訓練服務,以提升飛機落地的技術,同時建立強勁的基礎,以成為亞洲第一的航空公司。

馬航董事經理兼首席執行員東姑阿茲米爾在投資大馬峰會的記者會上指出,「我們將降低非燃料成本,以提高賺幅。由於原油價格飆漲,我們在無法承擔所有的溢價下,因此將提高燃油附加費。」詢及相關費用的調幅時,阿茲米爾僅表示,上調的幅度在巴仙率達雙位數。

另外,日本在地震及核能災難的影響後,到日本旅遊的人數減少,因此馬航將原有的每週11趟班次,減少至每週7趟。

根據訂購737-800型號飛機的條件,馬航可提升該型號至737-900型號,但目前馬航沒有任何更換的意願。同時,馬航亦沒有接獲有關在2012年4月取得737-800型號飛機,將被延期的通知。

http://www2.orientaldaily.com.my ... sjx0WcA47O511j94dw1

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发表于 2011-4-14 22:48 | 显示全部楼层
High fuel prices to impact MAS 1Q earnings

KUALA LUMPUR: Malaysian Airline System Bhd’s (MAS) earnings in 1QFY11 ended March 31 were impacted by higher fuel prices, managing director and CEO Tengku Datuk Azmil Zahruddin said. He expects the company’s transformation programme to show results in the long term though.

Speaking to the press at the Invest Malaysia 2011 forum yesterday, Tengku Azmil said higher fuel prices were “definitely making a negative impact on us”.

He said about 25% of the airline’s jet fuel for 2011 was hedged at US$90 (RM272) per barrel but the price was currently about US$140 per barrel.

The International Air Transport Association (IATA) had forecast that the jet fuel price would average US$123.10 per barrel this year. It estimated that the impact on the 2011 fuel bill would be US$53 billion for the global airline industry.

Tengku Azmil said the hedging helped mitigate some of the increase in fuel prices.

On whether MAS would increase its fuel hedging this year, he replied: “During a Middle East crisis is probably not the time to increase your fuel hedging.” As for the fuel surcharges, he said they were insufficient due to the high fuel prices.
Tengku Azmil says hedging helped mitigate some of the increase in fuel prices.

Tengku Azmil says hedging helped mitigate some of the increase in fuel prices.

“We have actually increased some of the fuel surcharges. We had no choice because we cannot afford to absorb all of the increase. We have had to pass that on,” Tengku Azmil said.

Asked if the increase in surcharge had been minimal, he replied: “Unfortunately, fuel price increases had not been minimal so our increases are not minimal. We have had to put in double percentage point increases in terms of fuel surcharge.”

On whether MAS’ capacity may be affected by the high fuel prices, Tengku Azmil said it was expecting an increase in capacity, but that growth will be less than 10%. Commenting on the transformation plan that MAS is embarking on, Tengku Azmil said it would help the national carrier to improve revenue and costs.

“The difference between the things we did in the turnaround versus the things we are doing in the transformation is that the turnaround was tough. That was very quick and had quick results, but [the results] don’t necessarily last very long.

“The difference with transformation is that we are doing things that take a bit longer. But once you do them, [the results] will last longer.

“I am very confident [the transformation programme] will help us to boost revenue. It will help us to reduce costs, but this will be ongoing throughout the year,” he explained, adding that MAS was looking at reducing non-fuel unit cost and enhance revenue this year.

Among the transformation plans that MAS plans to put in place this year include routes to Sibu and Sandakan for Firefly,  seven jet planes for Firefly, new check-in technologies to automate processes and increase productivity and improved customer service. MAS will also receive five A330 and three B738 planes.

On the situation in Japan, Tengku Azmil said it had affected MAS flights, especially to Tokyo, and had reduced the 11 weekly flights to seven. He said the company was monitoring the situation closely.

http://www.theedgemalaysia.com/i ... as-1q-earnings.html

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发表于 2011-4-15 17:06 | 显示全部楼层
CIMB Research maintains outperform call on MAS

KUALA LUMPUR: CIMB Research has maintained its Outperform rating on MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) with a target price of RM2.30 based on an unchanged core P/E multiple of 7 times due to its continued long-term confidence in MAS’s fleet renewal.

The research house said on Friday, April 15 that during the welcoming ceremony for MAS’s first A330-300 delivery, the airline revealed measures to cope with higher fuel prices, including raising fuel surcharges to cover some 50% of the cost increase since the start of the year and scaling back its 2011 capacity growth from 10% to only 4%.

The fleet renewal programme was also continuing with the delivery of 12 new-generation planes by year-end, it said.

“Unfortunately, these measures will not come fast enough to prevent a set of weak 1H results due to cost pressures and the impact of Japan’s earthquake on demand.

“Potential re-rating catalysts include continuing reforms to boost structural profitability. Our earnings forecasts are unchanged,” it said.

http://www.theedgemalaysia.com/b ... rm-call-on-mas.html

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发表于 2011-4-15 17:21 | 显示全部楼层
MAS receives first of 15 new aircraft

SEPANG: Malaysian Airline System Bhd (MAS) yesterday took delivery of the first of five new Airbus A330-300 aircraft planned for the year. Under MAS’  fleet renewal programme, 15 new aircraft will be put into service over the next four years.

“Although MAS has been around for 40 years, times have changed. What we have done in the past is not good enough to be remembered as something for the future,” chairman Tan Sri Dr Munir Majid told the media at Kuala Lumpur International Airport (KLIA) yesterday.

“We have to look at the future and try to meet the competition from both low-cost and full-service carriers,” he said.

The national carrier aspires to be the region’s top airline by 2015, though this won’t be measured by size.

“We do not want to be the biggest in terms of fleet or capacity but in quality of service, the experience that people have and the financial returns that we give to our shareholders,” said Munir.

Although MAS’ agreement with Airbus disallows the disclosure of specific pricing for the new aircraft, CEO Tengku Datuk Seri Azmil Zaharuddin revealed the new A330 aircraft cost at least US$160 million (RM483.6 million) each.

MAS plans to increase passenger capacity by 10% this year. It aims to maximise utilisation of the new aircraft, using them for destinations which Tengku Azmil said have the highest potential for growth. These include Australia, India, China, Japan, South Korea and the Middle East.

He earlier said MAS’ earnings in 1Q11 would be affected by rising fuel prices, though he was positive that the airline’s transformation plans would prove beneficial in the long term.

“The way fuel prices are moving right now ... we have [had] to increase the surcharge. We will continue to monitor the situation. If prices continue to go up, we will have no choice but to increase the surcharge,” said Tengku Azmil.

Transport Minister Datuk Seri Kong Cho Ha said he expected passenger numbers to Malaysia to grow to 60 million this year from 57.8 million last year. The number of passengers in 1Q11 grew 13.28% year-on-year to 15.2 million from 13.7 million a year ago, he said, adding that in 1Q air traffic grew 12.41% y-o-y.

http://www.theedgemalaysia.com/i ... 5-new-aircraft.html

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发表于 2011-4-17 23:39 | 显示全部楼层
飞荧商讨逐步接收ATR 72-500
2011/04/16 10:50:05 AM
●南洋商报

(吉隆坡15日讯)马航(MAS,3786,主板贸服股)子公司——飞荧(Firefly),正商讨在2015年前逐步接收额外的ATR 72-500客机,加强该公司在次级路线的飞行网络。

飞荧董事经理梁振栋今天指出,加上近期内接收的两家飞机,该公司目前共有12架ATR 72-500客机。

这两架新接收的客机,将会用来加强现有的网络,增加一些高需求地区的班次。

这些高需求的地区,包括从梳邦起飞至浮罗交怡、槟城、新山以及新加坡。

飞荧目前利用ATR机队,飞往10个国内地点以及7个本区域目的地,每周班次高达324次。

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发表于 2011-4-19 20:54 | 显示全部楼层
MAS’ new A330-300, quality par excellence

Malaysian Airline System Bhd
(April 18, RM1.83)
Maintain buy at RM1.82 with target price of RM2.55: The unveiling of the latest A330-300 livery was striking; the cabin is a quantum leap improvement and on par with industry bests such as SIA and Qatar Airways. This is the exact medicine needed to bring MAS back to the top, and we think the benefits will start to show immediately.

No impact to our earnings forecasts and we maintain our “buy” recommendation with a target price of RM2.55, implying 4.4 times 2012 earned value/earnings before interest, taxes, depreciation, amortisation, and restructuring or rent (Ebitdar), 10% premium to global peers for its significantly higher growth prospects.

MAS spared no expense to ensure everything looks classy. The seats are from Recaro — reputed to be the Rolls-Royce of seats — and the in-flight entertainment system is by Panasonic, winner of best in-flight entertainment system award in 2009.

It is very difficult to find fault with this aircraft as everything looks immaculate. We hope our next business flight will be in this aircraft, as did the majority of the crowd at the launch based on our eavesdropping.

MAS has a firm order for 15 A330-330 with options to acquire a further 10. It will receive five aircraft in 2011 and the remainder will be staggered up till 2015. The maiden route is Brisbane (Australia) followed by several routes to North Asia, then South Asia and Middle East. The A330-300 aircraft provides superior cost economics for medium-haul flights up to eight hours.

We estimate this new aircraft will provide 8% to 12% unit cost savings over the older aircraft it replaces stemming from its superior fuel efficiency and higher payload capabilities.

Furthermore, we think passengers won’t mind paying a little more for what is a significantly much better product.

The outlook for MAS remains challenging but the transformation is intact. The industry is suffering from higher fuel prices and the markets have been quick to penalise the share price.

We think that the share price plunge (down 11% year-to-date) is exaggerated and does not value the benefits of new aircraft and the ability MAS has to absorb higher fuel prices. Our forecasts assume average US$115 per bbl for 2011. — Maybank IB Research, April 18

http://www.theedgemalaysia.com/i ... par-excellence.html

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