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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  AirAsia Group    AIRASIA   MYL5099OO006

AIRASIA GROUP

(AIRASIA)
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AirAsia : slashes Malaysia capacity recovery outlook

11/24/2020 | 08:33am EST
FILE PHOTO: Airasia planes are seen parked at Kuala Lumpur International Airport 2, amid the coronavirus disease (COVID-19) outbreak in Sepang

KUALA LUMPUR (Reuters) - Malaysian budget airline AirAsia Group Bhd on Tuesday slashed its outlook for its home market again although it expects a rebound in December.

While encouraged by a resumption of domestic travel in Malaysia, Indonesia and the Philippines during the three-month period ended September 30, AirAsia said a spike in coronavirus cases in Malaysia and subsequent curbs had led it to reduce capacity in the country in October and November.

It halved its projected recovery rate in Malaysia to 31% of its pre-COVID-19 capacity by the year end, after already lowering it to 60% last month from 70-75% in August.

"There is a slight setback in Malaysia but we expect this to be short-lived and to bounce strongly in December," CEO Tony Fernandes said in a statement.

In Indonesia, it now expected be at 47% of pre-crisis capacity, versus a previous projection of 45%.

AirAsia India is expected to operate at up to 67% of pre-crisis capacity versus a previous projection of 65%.

For the Philippines, it expects to be at 13% of pre-COVID-19 levels, and maintained that its Thai operations are expected to exceed pre-COVID-19 capacity levels.

Fernandes said the company had disposed of spare engines to raise cash and is open to other potential monetisation opportunities.

He said it foresees sufficient liquidity in 2021 and expects air travel to bounce back mid-next year on hopes of the formation of travel bubbles and green lanes.

"We have high hopes that with the availability and accessibility of effective vaccines, AirAsia will soon paint the skies red again," he said in a statement.

AirAsia Group reported its fifth consecutive quarterly loss as the pandemic took its toll on travel in the third quarter.

It posted a net loss of 851.8 million ringgit ($209 million) for July-September quarter versus a loss of 51.4 million a year earlier.

Revenue fell 85.6% to 442.9 million ringgit.

AirAsia said it carried 1.9 million passengers in the third quarter, down from 13 million a year earlier, dropping its load factor measuring how full planes are by 18 percentage points to 66%.

($1 = 4.0850 ringgit)

(Reporting by Liz Lee and Mei Mei Chu; editing by Alexander Smith and Jason Neely)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP 1.32% 0.765 End-of-day quote.-13.56%
AIRASIA X 0.00% 0.07 End-of-day quote.-6.67%
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Financials
Sales 2020 3 464 M 859 M 859 M
Net income 2020 -3 238 M -802 M -802 M
Net Debt 2020 11 520 M 2 855 M 2 855 M
P/E ratio 2020 -0,79x
Yield 2020 -
Capitalization 2 557 M 633 M 634 M
EV / Sales 2020 4,06x
EV / Sales 2021 1,72x
Nbr of Employees 21 059
Free-Float 59,1%
Chart AIRASIA GROUP
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Technical analysis trends AIRASIA GROUP
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Income Statement Evolution
Consensus
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Mean consensus SELL
Number of Analysts 19
Average target price 0,50 MYR
Last Close Price 0,77 MYR
Spread / Highest target 37,3%
Spread / Average Target -35,2%
Spread / Lowest Target -85,6%
EPS Revisions
Managers and Directors
NameTitle
Tharumalingam Kanagalingam Chief Executive Officer
Adrian Jenkins Chief Operating Officer
Pattra Boosarawongse Group Chief Financial Officer
Kin Choy Lau Group Head-Information & Communication Technology
Nadzri Hashim Head-Engineering
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