Thursday, November 24, 2011

RHB Research: AirAsia valuations stretched, FV RM2.99

KUALA LUMPUR (Nov 23): RHB Research Institute said AirAsia’s valuations are stretched at the current level.

It said on Wednesday that the indicative fair value is RM2.99 based on 11.0 times FY12/12 EPS, in line with benchmark Ryanair’s one-year forward target PER

It said the 9MFY12/11 core profit before tax of RM449 million (excluding RM7.4 million net gains from forex, disposal and derivative mark-to-market items) came in within its expectations at 73% of its full year forecast of RM619 million.

“As against the market expectations, the results came in below at only 54% of the full-year consensus PBT of RM832.5 million,” it said.

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