Investalks 马来西亚中文投资论坛 - 与你一起通往财务自由之路



楼主: tcs

[公司专区] 3786 MAS 馬航

x 52
发表于 2011-4-21 22:35 | 显示全部楼层
MAS joining the big league

Malaysian Airline System Bhd
(April 20, RM1.81)
Downgrade to sell at RM1.18 with revised target price RM1.60 (from RM1.76): MAS took investors and sell-side analysts on a one-hour joyride on its newly delivered, latest generation A330-300. The aircraft’s cabin, equipped with the best in-flight entertainment and seat comfort, is a sight to behold.

This may be the game changer for MAS as it will put the national carrier on par with the likes of Singapore Airlines, Emirates and Cathay Pacific. With the latest generation A330s joining its ageing fleet, MAS will be on par with the leading full-service carriers in terms of passenger comfort and cabin ambiance, which it lacked previously despite having one of the world’s best ratings for cabin crew hospitality.

Overall, the enhancement in customer experience from the new aircraft looks set to lure passengers loyal to other carriers to give MAS a try, notably business travellers. The new A330s will be deployed to serve the Middle East, Australia, China and India routes.

MAS will take delivery of five A330-300s this year and 10 more up to 2015. The airline also has the option of taking up an additional 10 A330- 300s.

With another four 737-800s, including the five A330-300s, to be delivered this year (either as replacement or as new additions), this would be MAS’ key earnings kicker for a turnaround as the new aircraft offer far superior fuel burn (on better aerodynamics and engineering enhancements coupled with the higher number of seats and tonnage load), lower maintenance costs and more reliability and flying hours compared with its old aircraft.

Our assumption is premised on a 6% available seat kilometre (ASK) growth. MAS aims to possess the youngest fleet among the world’s airlines by 2015. This will allow it to cut unit costs by 15% over the next few years, which we think is achievable, judging from the mileage recorded by AirAsia’s associates (up 3% to 6% y-o-y) after their fleet renewal.

For MAS, we see improvement in the quantum of savings given that the A330-300s are for long-haul flights, which effectively yield better mileage compared with short-haul routes as a significant amount of fuel is consumed during take-off.

We have lowered our FY11/12 earnings by 18% after including a higher jet fuel price assumption of US$124.5 (RM376) per barrel for FY11, which would effectively nudge up the effective jet fuel barrel price the airline consumes to US$115 per barrel from US$111 per barrel (given that it has hedged 25% of its FY11 fuel requirement at an average price of US$88 per barrel world trade index).

Our sensitivity analysis found that every US$1 increase in jet fuel price per barrel from our base case assumption (of US$115 per barrel) will nudge up earnings by 5.63% for MAS.

We expect MAS to be profitable this year and reiterate that the carrier is on track for a turnaround in FY13. However, we think that high oil prices will weigh on sentiment and dampen earnings for the time being. Following the lower earnings forecast we downgrade MAS to “sell” from “neutral”.

Our new fair value on MAS is RM1.60 (previously RM1.76), premised on 8.5 times earned value/earnings before interest, taxes, depreciation and amortisation, its average long-term historical valuation, and after taking off its FY11 net debt totalling RM1.8 billion (net gearing of 62%). — OSK Research, April 20 ... the-big-league.html

x 0 我要送花

x 8
发表于 2011-5-2 16:43 | 显示全部楼层
業績評論  2011-04-29 19:09

(吉隆坡29日訊)馬航(MAS, 3786, 主板貿服組)會在今年接收5架A330-300飛機,2012至2015財政年間則將另接收10架,僑豐研究認為這是該公司未來成長的轉捩點,以達至2013財政年轉虧為盈的目標。









x 0 我要送花

x 52
发表于 2011-5-3 18:26 | 显示全部楼层
AirAsia soars to RM3, MAS struggles

As for MAS, analysts were impressed by the national carrier’s younger fleet plant which was anticipated to be MAS’ key earnings kicker for a turnaround on better fuel burn, lower maintenance costs, and more reliability and flying hours.

However, they were concerned about the impact of the high oil prices.

A local research house said its higher revised oil price assumption prompted it to downgrade its earnings by 18% for FY11-FY12, which accordingly entailed a downgrade to SELL at a lower fair value of RM1.60, premised on 8.5 times enterprise value/earnings before interest, tax, depreciation and amortisation. ... -mas-struggles.html

x 0 我要送花

x 37
发表于 2011-5-4 08:32 | 显示全部楼层
Hi, i think MAS already at the historical low...........
watch this stock closely and waiting for strong rebounds

x 0 我要送花

x 126
发表于 2011-5-4 08:53 | 显示全部楼层
slow slow wait,
target price 1.25

x 0 我要送花

x 37
发表于 2011-5-6 12:21 | 显示全部楼层
hi sky 1510

can teach me why it can go lower to RM1.25.  Just sharing your point of views..... I think you see somethings which i not see......

Not the market (KLSE) is not good, so  can not make mistake....

x 0 我要送花

x 22
发表于 2011-5-18 21:28 | 显示全部楼层
马航廉航机场 服务台今起服务
2011/05/17 11:00:58 AM






x 0 我要送花

x 3
发表于 2011-5-25 04:42 | 显示全部楼层
3因素不利 馬航首季料面對虧損



根據鄰國同業新加坡航空(SIA)及泰國航空(Thai Airways)的表現,分析員預計,馬航收益率料按年增長。






整體而言,分析員對馬航次季及第三季前景持謹慎態度,並維持該股「守住」的評級,目標價格則從2.55令吉下修至1.80令吉。 ... s0w00OS5xZO2h7853d8

x 0 我要送花

x 3
发表于 2011-5-25 21:30 | 显示全部楼层
High fuel costs push MAS into red, 1Q net loss of RM242m      
Wednesday, 25 May 2011 17:39  

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) posted net loss of RM242.34 million in the first quarter ended March 31, 2011 versus net profit of RM310.04 million a year ago due to higher operating expenses mainly due to the increase in fuel costs while other operating income declined.

The national carrier said on Wednesday, May 25 that revenue was RM3.19 billion compared with RM3.30 billion a year ago. Loss per share was 7.25 sen compared with earnings per share of 10.64 sen.

“The group recorded a loss after tax of RM241.7 million (quarter ended March 31, 2010: RM310.6 million profit) after including amongst others, derivative gain of RM64.6 million (quarter ended March 31, 2010: RM56.7 million gain),” it said.

MAS said the group recorded an operating loss for the quarter of RM267.4 million compared to an operating profit of RM137.3 million in 4QFY10 due to higher operating expenses mainly from the increase in fuel cost.

The group recorded a loss after tax of RM241.7 million after including amongst others, derivative gain of RM64.6 million for the quarter as compared to profit after tax of RM226.4 million in previous quarter.

“The 2011 operating profit target for the group is RM300 million to RM600 million. The on time performance target for the company is 84.7% to 87.0%,” it said. ... rm24234m-in-1q.html

x 0 我要送花

x 3
发表于 2011-5-26 00:57 | 显示全部楼层
令吉油價挾擊 馬航首季虧2.4億















阿茲米爾占表示,馬航冀望在2015年將每座位收益(CASK)降低至15%,而其目前已成功減低6%。 ... 3hn0mqc5cEV260v6mrP

x 0 我要送花

x 474
发表于 2011-5-27 14:22 | 显示全部楼层
大馬財經業績評論 2011-05-26 18:15










馬航之前被MSC I指數“除名”,從5月31日後生效,也令股價急挫至前歷史新低。







x 0 我要送花

x 19
发表于 2011-5-28 09:44 | 显示全部楼层
股價跌不停 馬航市值僅13億
財經27/05/2011 21:24


 馬航再陷虧損,今日遭日本野村控股(Nomura Holdings)“降級”,從“買進”下修至“減持”,目標價砍至1.41令吉,拖累股價于今早9時08分,下跌1.3%至1.53令吉,為2001年12月來低點。








x 0 我要送花

x 340
发表于 2011-5-28 17:44 | 显示全部楼层
是我看错还是财经记者计错,馬航股票有大约 33 亿张,
RM1.45 的价格,市值应该有 47 亿,不是报纸写的 13 亿

x 0 我要送花

x 340
发表于 2011-5-28 17:48 | 显示全部楼层

又或者,他不知什么是附加股(right issue),,,!!!

x 0 我要送花

x 340
发表于 2011-5-28 17:50 | 显示全部楼层

x 0 我要送花

x 0
发表于 2011-5-29 18:47 | 显示全部楼层

x 0 我要送花

x 881
发表于 2011-5-30 10:38 | 显示全部楼层
股价在插水.....Air Asia的一半

x 0 我要送花

x 126
发表于 2011-5-30 10:48 | 显示全部楼层
mas以前独门生意都亏钱,现在有airasia tiger airline进来抢生意,你认为它能反身啊。

x 0 我要送花

x 126
发表于 2011-5-30 10:50 | 显示全部楼层

x 0 我要送花

x 126
发表于 2011-5-30 10:53 | 显示全部楼层
本帖最后由 sky1510 于 2011-5-30 10:57 编辑

bursa 有几千个股,为何要买一个不会赚钱的公司

x 0 我要送花


您需要登录后才可以回帖 登录 | 注册 |


Google 搜索本站 搜索WWW

快速回复 返回顶部 返回列表