Not vested
Malaysian Airline System [MAS MK] - Buy : 1Q11 NPAT loss of RM300mn delaying earnings turnaround ( RM1.58 / PT: RM2.65 ) J
acinda Loh; Raashi Gupta
We and consensus were looking for MAS to gain ground on their turnaround, but we were negatively surprised at the results conference call by the extent of the sheer size of the loss.
It may now be too optimistic to expect any real impact from their re-fleeting exercise this year.
In fact, given that 2Q is seasonally operationally weaker, all of us will likely have to adjust to a period of negative newsflow for the next 3-6 months.
We are reviewing earnings and PT with a downward bias.
Source: Nomura
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Malaysian Airline System (incl MH 370 and MH 017 )
42 posts
• Page 1 of 5 • 1, 2, 3, 4, 5
Malaysian Airline System (incl MH 370 and MH 017 )
by winston » Thu May 26, 2011 10:47 am
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Malaysian Airline System
by winston » Sun Dec 25, 2011 9:16 pm
Malaysia Airlines cuts more routes to stem losses
Flag carrier Malaysia Airlines on Friday said it would cut four more routes in Asia, a week after announcing a suspension to some global destinations as it tries to return to profit.
The airline, which has struggled to stay in the black in recent years, unveiled a business plan last week aimed at becoming profitable by 2013 that would include a route "rationalisation" but did not name the affected routes.
It said it would put a halt to trips from Kota Kinabalu to Osaka and Haneda in Japan, to Perth and to Seoul. The carrier added that the suspensions would come into effect between January and February.
"This suspension is until further notice and is part of our regional network consolidation involving single-aisle aircraft operations," Ahmad Jauhari Yahya, the airlines' chief executive officer, said in a statement.
The airline last week said routes servicing Rome, Johannesburg, Cape Town, Buenos Aires, Karachi, Dubai, the Saudi Arabian city of Dammam, and the city of Surabaya in Indonesia, will be dropped from January.
It plans to instead bolster services to major destinations in Asia that have better prospects.
In the third quarter of this year, the airline posted its third straight quarterly loss, owing to high fuel costs and increased competition.
http://news.malaysia.msn.com/regional/a ... id=5686334
Flag carrier Malaysia Airlines on Friday said it would cut four more routes in Asia, a week after announcing a suspension to some global destinations as it tries to return to profit.
The airline, which has struggled to stay in the black in recent years, unveiled a business plan last week aimed at becoming profitable by 2013 that would include a route "rationalisation" but did not name the affected routes.
It said it would put a halt to trips from Kota Kinabalu to Osaka and Haneda in Japan, to Perth and to Seoul. The carrier added that the suspensions would come into effect between January and February.
"This suspension is until further notice and is part of our regional network consolidation involving single-aisle aircraft operations," Ahmad Jauhari Yahya, the airlines' chief executive officer, said in a statement.
The airline last week said routes servicing Rome, Johannesburg, Cape Town, Buenos Aires, Karachi, Dubai, the Saudi Arabian city of Dammam, and the city of Surabaya in Indonesia, will be dropped from January.
It plans to instead bolster services to major destinations in Asia that have better prospects.
In the third quarter of this year, the airline posted its third straight quarterly loss, owing to high fuel costs and increased competition.
http://news.malaysia.msn.com/regional/a ... id=5686334
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Malaysian Airline System
by winston » Sat Jun 14, 2014 9:42 pm
not vested
MAS fair value unchanged at 19 sen
14 June 2014
RHB Research said the best-case scenario for Malaysia Airlines (MAS) is to maintain its listed status and undergo a restructuring exercise, to boost yields and improve productivity, while trimming its workforce.
It said in a note yesterday that news reports hinting of an imminent restructuring and an emphasis on productivity bodes well for the airline in the long term, and it upgraded the stock to “neutral” with an unchanged fair value of RM0.19.
RHB Research has relooked at the carrier’s business model to understand its main problem and came up with three scenarios.
1. Restructuring under current conditions, which includes spinning off profitable divisions to raise cash, downsizing its workforce and cutting capacity;
2. Privatisation; and,
3. Declaring bankruptcy.
“Our ideal assessment is a combination of the downsizing of MAS’ workforce and cutting capacity. We estimate downsizing its workforce by 19 per cent and reducing capacity by 10 per cent,” it said.
Major shareholder Khazanah Nasional Bhd has given a clearer indication that it will take a relook at MAS’ business model and come up with a restructuring plan in six to 12 months.
“We think that a privatisation or bankruptcy is unlikely at this juncture. Moreover, the carrier’s shares are currently trading within the neutral region of our RM0.19 fair value, which is pegged to a 1.0x Financial Year 14F precast P/BV (unchanged). As such, we are upgrading the stock to ‘neutral’ from ‘sell’,”
RHB Research believed MAS could potentially trade as high as 1.2x FY14 P/BV (price-to-book value), which is the median P/BV of all airlines listed globally. This could also possibly see its share price inch higher by 14 per cent to RM0.23 in the near term.
Source: NST
MAS fair value unchanged at 19 sen
14 June 2014
RHB Research said the best-case scenario for Malaysia Airlines (MAS) is to maintain its listed status and undergo a restructuring exercise, to boost yields and improve productivity, while trimming its workforce.
It said in a note yesterday that news reports hinting of an imminent restructuring and an emphasis on productivity bodes well for the airline in the long term, and it upgraded the stock to “neutral” with an unchanged fair value of RM0.19.
RHB Research has relooked at the carrier’s business model to understand its main problem and came up with three scenarios.
1. Restructuring under current conditions, which includes spinning off profitable divisions to raise cash, downsizing its workforce and cutting capacity;
2. Privatisation; and,
3. Declaring bankruptcy.
“Our ideal assessment is a combination of the downsizing of MAS’ workforce and cutting capacity. We estimate downsizing its workforce by 19 per cent and reducing capacity by 10 per cent,” it said.
Major shareholder Khazanah Nasional Bhd has given a clearer indication that it will take a relook at MAS’ business model and come up with a restructuring plan in six to 12 months.
“We think that a privatisation or bankruptcy is unlikely at this juncture. Moreover, the carrier’s shares are currently trading within the neutral region of our RM0.19 fair value, which is pegged to a 1.0x Financial Year 14F precast P/BV (unchanged). As such, we are upgrading the stock to ‘neutral’ from ‘sell’,”
RHB Research believed MAS could potentially trade as high as 1.2x FY14 P/BV (price-to-book value), which is the median P/BV of all airlines listed globally. This could also possibly see its share price inch higher by 14 per cent to RM0.23 in the near term.
Source: NST
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Malaysian Airline System
by winston » Sat Jun 21, 2014 6:33 am
MAS extends losses after Etihad Airways denial
by isabelle lai
http://www.thestar.com.my/Business/Busi ... n-for-now/
by isabelle lai
http://www.thestar.com.my/Business/Busi ... n-for-now/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 118906
- Joined: Wed May 07, 2008 9:28 am
Re: Malaysian Airline System
by winston » Tue Jun 24, 2014 7:18 pm
not vested
MAS target price slashed by 43% to a mere 12.5 sen
“We don’t foresee any miracle reversal in fortunes for the industry in the horizon. The only way for MAS to sustain its operations in its current form is to raise fresh capital, in our view,” added Maybank IB Research.
PETALING JAYA: Maybank IB Research has slashed 43% off its target price for Malaysia Airlines (MAS) to a mere 12.5 sen on concerns the ailing airline cannot wait six to 12 months for a new turnaround plan.
This is the lowest value tagged to MAS in recent times by a brokerage. Maybank IB Research’s target price is 44% lower than MAS’ last close of 22.5 sen.
Despite the grim prognosis, the stock gained half a sen yesterday on heavy volume of 45.37 million shares, making it the day’s third most-active trade across Bursa Malaysia.
Bloomberg data showed that the 15 analysts covering MAS had target prices ranging from as low as 10 sen (Affin Research) to 27 sen (AmResearch).
This translates to a consensus target price of 17 sen for the flag carrier, implying a 24% downside to its current price.
Only two analysts have put a “hold” rating on MAS, with the remaining 13 calling a “sell”. There were no “buy” calls as at press time. Shares of MAS are down 27% for the year.
Maybank IB Research said in its latest note on MAS that time was running out for the national carrier on the back of its weakening financials. “We had initially hoped for a restructuring within the next one to two months and the statement (from Khazanah Nasional Bhd) disappointed. Our analysis alludes that MAS’ financials are very weak in their current form.
“With a cash burn rate of RM5mil per day, MAS could exhaust its entire free cash resources and gearing could soar to five times by the end of 2015.
“Hence, a revival plan by end-2014/mid-2015 may be a tad too late,” explained the research outfit.
Khazanah had said recently it would unveil a plan to restructure MAS yet again within the next six to 12 months.
“The market took this news favourably and MAS’ share price has surged by 29% since the announcement,” Maybank IB Research said.
According to the brokerage, MAS’ upcoming second-quarter results are expected to be its worst ever due to seasonal weakness, flight cancellations and low industry yields.
“We advise investors to sell MAS ahead of weaker results ahead. The situation is dire, as the industry continues to be plagued by weak yields and MAS is burning its limited cash resources fast.
“Furthermore, there are unconfirmed murmurs that the management will accelerate the disposal of old Boeing 777-200ER from the fleet.
“We are positive on this, but it will require massive impairment charges and will further diminish the group’s balance sheet.
“We don’t foresee any miracle reversal in fortunes for the industry in the horizon. The only way for MAS to sustain its operations in its current form is to raise fresh capital, in our view,” added Maybank IB Research.
An analyst with a local bank-backed research house told StarBiz that MAS could keep going for another 12-18 months, as the airline had yet to drawdown on an outstanding RM1.5bil sukuk.
“A capital injection would be a shot in the arm for MAS, but what we need more urgently is a comprehensive overhaul.
“More cash won’t help MAS if it continues running the business the same way, which is unsustainable,” the analyst said.
Abu Dhabi-based Etihad Airways last week denied media reports that it was in talks with MAS for an equity investment as part of a rescue plan.
According to estimates compiled by Bloomberg, MAS is expected to post a net loss of RM1.11bil this year, a slight improvement over last year’s net loss of RM1.17bil, on sales of RM15.52bil
Source: The Star
MAS target price slashed by 43% to a mere 12.5 sen
“We don’t foresee any miracle reversal in fortunes for the industry in the horizon. The only way for MAS to sustain its operations in its current form is to raise fresh capital, in our view,” added Maybank IB Research.
PETALING JAYA: Maybank IB Research has slashed 43% off its target price for Malaysia Airlines (MAS) to a mere 12.5 sen on concerns the ailing airline cannot wait six to 12 months for a new turnaround plan.
This is the lowest value tagged to MAS in recent times by a brokerage. Maybank IB Research’s target price is 44% lower than MAS’ last close of 22.5 sen.
Despite the grim prognosis, the stock gained half a sen yesterday on heavy volume of 45.37 million shares, making it the day’s third most-active trade across Bursa Malaysia.
Bloomberg data showed that the 15 analysts covering MAS had target prices ranging from as low as 10 sen (Affin Research) to 27 sen (AmResearch).
This translates to a consensus target price of 17 sen for the flag carrier, implying a 24% downside to its current price.
Only two analysts have put a “hold” rating on MAS, with the remaining 13 calling a “sell”. There were no “buy” calls as at press time. Shares of MAS are down 27% for the year.
Maybank IB Research said in its latest note on MAS that time was running out for the national carrier on the back of its weakening financials. “We had initially hoped for a restructuring within the next one to two months and the statement (from Khazanah Nasional Bhd) disappointed. Our analysis alludes that MAS’ financials are very weak in their current form.
“With a cash burn rate of RM5mil per day, MAS could exhaust its entire free cash resources and gearing could soar to five times by the end of 2015.
“Hence, a revival plan by end-2014/mid-2015 may be a tad too late,” explained the research outfit.
Khazanah had said recently it would unveil a plan to restructure MAS yet again within the next six to 12 months.
“The market took this news favourably and MAS’ share price has surged by 29% since the announcement,” Maybank IB Research said.
According to the brokerage, MAS’ upcoming second-quarter results are expected to be its worst ever due to seasonal weakness, flight cancellations and low industry yields.
“We advise investors to sell MAS ahead of weaker results ahead. The situation is dire, as the industry continues to be plagued by weak yields and MAS is burning its limited cash resources fast.
“Furthermore, there are unconfirmed murmurs that the management will accelerate the disposal of old Boeing 777-200ER from the fleet.
“We are positive on this, but it will require massive impairment charges and will further diminish the group’s balance sheet.
“We don’t foresee any miracle reversal in fortunes for the industry in the horizon. The only way for MAS to sustain its operations in its current form is to raise fresh capital, in our view,” added Maybank IB Research.
An analyst with a local bank-backed research house told StarBiz that MAS could keep going for another 12-18 months, as the airline had yet to drawdown on an outstanding RM1.5bil sukuk.
“A capital injection would be a shot in the arm for MAS, but what we need more urgently is a comprehensive overhaul.
“More cash won’t help MAS if it continues running the business the same way, which is unsustainable,” the analyst said.
Abu Dhabi-based Etihad Airways last week denied media reports that it was in talks with MAS for an equity investment as part of a rescue plan.
According to estimates compiled by Bloomberg, MAS is expected to post a net loss of RM1.11bil this year, a slight improvement over last year’s net loss of RM1.17bil, on sales of RM15.52bil
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Malaysian Airline System
by iam802 » Thu Jul 17, 2014 11:58 pm
Malaysia airliner crashes in east Ukraine
http://www.bbc.com/news/world-europe-28354856
http://www.bbc.com/news/world-europe-28354856
A Malaysian airliner reportedly with 295 people on board has crashed in Ukraine near the Russian border, on a flight from Amsterdam to Kuala Lumpur.
Malaysia Airlines said it had lost contact with Flight MH17 from Amsterdam. The last known position was over Ukraine, it said in a tweet.
An aviation source in Moscow told Reuters the plane had been found burning on the ground in east Ukraine.
It had failed to enter Russian airspace, the source said.
Anton Herashchenko, an adviser to Ukraine's interior minister, was quoted by the Associated Press as saying the plane had been hit by a missile at an altitude of 10,000m (33,000ft).
A number of military planes have been shot down by missiles in recent weeks over eastern Ukraine, where pro-Russian separatist rebels have been fighting government forces.
The UK Foreign Office said it was aware of the reports of the crash and was "urgently working to establish what has happened".
1. Always wait for the setup. NO SETUP; NO TRADE
2. The trend will END but I don't know WHEN.
TA and Options stuffs on InvestIdeas:
The Ichimoku Thread | Option Strategies Thread | Japanese Candlesticks Thread
2. The trend will END but I don't know WHEN.
TA and Options stuffs on InvestIdeas:
The Ichimoku Thread | Option Strategies Thread | Japanese Candlesticks Thread
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Re: Malaysian Airline System
by behappyalways » Fri Jul 18, 2014 2:23 pm
U.S. official: Missile shot down Malaysia Airlines plane
http://edition.cnn.com/2014/07/17/world ... ?hpt=hp_t1
Malaysia Airlines jet crashes in Ukraine
http://edition.cnn.com/2014/07/17/world ... ?hpt=hp_t1
Air operators belatedly avoid Ukraine war zone
http://www.telegraph.co.uk/news/uknews/ ... -zone.html
Malaysia Airlines crash: This could not get much worse for Moscow
http://blogs.telegraph.co.uk/news/shash ... or-moscow/
http://edition.cnn.com/2014/07/17/world ... ?hpt=hp_t1
Malaysia Airlines jet crashes in Ukraine
http://edition.cnn.com/2014/07/17/world ... ?hpt=hp_t1
Air operators belatedly avoid Ukraine war zone
http://www.telegraph.co.uk/news/uknews/ ... -zone.html
Malaysia Airlines crash: This could not get much worse for Moscow
http://blogs.telegraph.co.uk/news/shash ... or-moscow/
血要热 头脑要冷 骨头要硬
- behappyalways
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Re: Malaysian Airline System
by behappyalways » Sun Jul 20, 2014 3:27 am
Malaysia Airlines Ukraine Crash: ‘Unreal’ Scenes from Photographer Jerome Sessini
http://lightbox.time.com/2014/07/18/mal ... sessini/#1
Alleged phone call: 'We have just shot down a plane'
http://edition.cnn.com/2014/07/18/world ... ?hpt=hp_t2
http://lightbox.time.com/2014/07/18/mal ... sessini/#1
Alleged phone call: 'We have just shot down a plane'
http://edition.cnn.com/2014/07/18/world ... ?hpt=hp_t2
血要热 头脑要冷 骨头要硬
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Re: Malaysian Airline System
by behappyalways » Wed Jul 23, 2014 10:24 am
(US taking opportunity to 'whack' Russia 
)
U.S.: Photos implicate Russia in MH17
http://edition.cnn.com/video/data/2.0/v ... 7.cnn.html
)U.S.: Photos implicate Russia in MH17
http://edition.cnn.com/video/data/2.0/v ... 7.cnn.html
Last edited by behappyalways on Thu Jul 24, 2014 9:01 am, edited 1 time in total.
血要热 头脑要冷 骨头要硬
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Re: Malaysian Airline System
by winston » Wed Jul 23, 2014 5:50 pm
Breaking: Photos PROVE Crashed Malaysian Jet was MH-370 not MH-17 !
Tuesday, July 22, 2014
http://beforeitsnews.com/alternative/20 ... 97698.html
Tuesday, July 22, 2014
http://beforeitsnews.com/alternative/20 ... 97698.html
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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