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[AIRASIA X BERHAD, better future ahead?]

It is a "affordable" and long haul airline, having market cap of about RM1.9b. Holding company AirAsia berhad has 13.76% shares, and Tune group has 14.29% shares. The latest quarterly result: net profit RM84m, FY2017 net profit RM99m (bulk of profit coming from 4th quarter). YOY, operating expenses dropped (staff costs -9.6%, depreciation -0.7%, maintenance and overhaul -83%). Last year got RM93m forex loss but this quarter got RM30m forex gain (key contribution to profit). Included in operating expenses in 4Q17 was provision for doubtful debts of RM12m. Passengers carried in last quarter increased to 1.5m (YOY 12%), and ancillary revenue per passenger increased to RM142 (YOY 4%). As for costing, cost per ASK decreased to RM0.1215 (YOY -6%). Load factor improved to 83% (YOY 2%). Thailand segment turned profitable, this quarter profit was RM30m compared to last year loss RM8m.

Prospects:
Based on the quarterly report, management commented that the booking trend, forward loads and average fares are better than last year; they are expecting positive prospects.

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亚航x要“人人飞得起”,是个长程的航空公司,市值大约RM19亿。母公司亚航持13.76%股份,Tune集团持14.29%股份。最新季度报告:净利RM8400万,全年2017净利RM9900万(大部份来自第四季)。YOY,营运成本跌了(员工-9.6%,贬值-0.7%,保养费-83%)。去年有RM9300万外汇损失,但这一季有RM3000万外汇盈利(贡献了一大部份盈利)。这一季的成本包括了烂账拔备RM1200万。这一季乘客成长到150万人(YOY12%),和额外收入成长到一人RM142 (YOY4%)。 成本方面,一公里跌到RM0.1215 (YOY-6%)。载客量增到83% (YOY2%)。泰国的分公司赚钱了,这季净利RM3000万,去年亏RM800万。

前景:
季度报告里说,管理层认为预定量,平均消费都比去年好,认为表现应该会不错。

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James Ng


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