TA Research-AAX fair Value
kalu duit tu mapu hold lama biar je dlm jangka masa pjg akan naik semula.
kalu x cut-loss cpt2.. mgkin kalu 1st day jatuh bbpa ari lps tu akan trs jatuh lg
TA Research
AirAsia X Berhad - Fair Value: RM1.40 (Not Rated)
Commenced operation since Nov 2007, AirAsia X (AAX) is a leading long-haul, low cost carrier (LCC), operating primarily in the Asia Pacific region. AAX currently serve 14 destinations across Asia, Australia and Middle East. The group currently operates a fleet of 11 A330-300, represents the largest LCC wide-body aircraft seat capacity in the Asia Pacific Region.
AAX’s IPO entails a public issue of 592.6mn new ordinary shares, and an offer for sale of 197.5mn promoters' shares, at RM1.45/share.
Investment Case
1) Benefits from synergies as part of the bigger AirAsia Group
2) Operate in the fast growing aviation market in the world
3) Lowest unit cost base in the region
We project AAX‘s FY13-15 net profit to be RM261.7mn-RM369.5mn, based on:
1) capacity growth of 24-53% YoY;
2) average fare to decline 1-6% YoY;
3) load factor of 81-82%, and
4) fuel price assumption of USD130/barrel.
Based on IPO price of RM1.45/share, AAX is trading at FY14 PER of 12.4x and P/B of 1.7x, against its regional peers’ respective PER and P/B of 11.2x and 1.5x. Benchmarking to our target FY14 PER of 12x for AirAsia Bhd, we value AAX at RM1.40/share based on FY14 EPS of 11.7sen. - TA Research
My comment: Waallahua'lam