Author: PublicInvest | Publish date: Wed, 3 Aug 2016, 09:40 AM
AirAsia X (AAX) is scheduled to release its 2QFY16 results and passenger yield data on 23rd August 2016. Yesterday, it announced its preliminary operating statistics, which were within our expectations. Revenue-passenger-kilometres (RPKs) jumped 29.3% YoY to 5.0bn due to passengers demand recovery from the unfortunate QZ8501 incident. However, traffic volume contracted 4.4% QoQ. During the quarter, the passenger’s load has increased to 75.3% compared to 66.9% in 2QFY15, but declined from 81.4% load recorded in 1QFY16. Hence, we do not anticipate a strong QoQ performance in 2QFY16. We therefore maintain our Neutral call with an unchanged target price of RM0.415 based on 1.6x FY17F P/BV.
Malaysia (MAAX) operating statistics. During 2QFY16, AAX’s passengers carried and seat capacity increased by 27.3% YoY to 1.03bn and 13.2% YoY to 1.37bn respectively. Passenger traffic volume rose by 29.3% to 5.03bn revenue-passenger-kilometres (RPKs) due to traffic demand recovery from Chinese arrivals. MAAX’s load was down by 6.1ppts QoQ to 75.3% due to seasonally weakest quarter, but better than 2QFY15 passenger’s loads of 66.9%. (Table 1)
Associates performance. Thailand (TAAX) remained strong at 89% passenger load (1QFY16: 88%) with two new routes introduction to Tehran and Muscat during the quarter. Indonesia (IAAX)’s load was higher at 75% compared to an average of 60% load in FY15. Moving forward, AAX is expected to expand its Malaysian and Thai operations, while re-evaluating Indonesia.
Source: PublicInvest Research - 3 Aug 2016
Malaysia (MAAX) operating statistics. During 2QFY16, AAX’s passengers carried and seat capacity increased by 27.3% YoY to 1.03bn and 13.2% YoY to 1.37bn respectively. Passenger traffic volume rose by 29.3% to 5.03bn revenue-passenger-kilometres (RPKs) due to traffic demand recovery from Chinese arrivals. MAAX’s load was down by 6.1ppts QoQ to 75.3% due to seasonally weakest quarter, but better than 2QFY15 passenger’s loads of 66.9%. (Table 1)
Associates performance. Thailand (TAAX) remained strong at 89% passenger load (1QFY16: 88%) with two new routes introduction to Tehran and Muscat during the quarter. Indonesia (IAAX)’s load was higher at 75% compared to an average of 60% load in FY15. Moving forward, AAX is expected to expand its Malaysian and Thai operations, while re-evaluating Indonesia.
Source: PublicInvest Research - 3 Aug 2016
没有评论:
发表评论