Unexpected Loss Forces Capital A To Revise Outlook, Struggles Continue
Unexpected Loss Forces Capital A To Revise Outlook, Struggles Continue
Looking ahead, Capital A is projecting a recovery in 4QFY24, with expectations of passenger traffic reaching 88% of pre-pandemic levels, supported by an 84% capacity restoration. The group is also preparing to launch 18 new domestic and international routes, with a particular focus on India and China, where it holds a strong market share. The airline plans to expand its fleet with five new aircraft, which should bring the total number of operational aircraft to 195 by the end of FY24.
MIDF Amanah Investment Bank Bhd (MIDF Research) has downgraded Capital A Bhd to a NEUTRAL rating, with a revised target price of 99 sen, reflecting a 9.2% downside from its current price of RM1.09. This follows an unexpected loss posted in 3QFY24, which significantly missed MIDF Research's expectations, leading to a downward revision of earnings projections by up to 214%. Previously rated as a BUY, Capital A's prospects have been adjusted downwards due to increased operating expenses (opex) and underperformance from its non-aviation segments, particularly its subsidiaries, Teleport, ADE and BigPay.
MIDF Amanah投資銀行有限公司（MIDF Research）已將Capital A Bhd的評級下調至中性評級，修訂後的目標價爲99仙，較目前的1.09令吉下跌9.2％。在此之前，3QFY24 公佈了意外虧損，嚴重未達到MIDF Research的預期，導致收益預測下調了多達214％。Capital A此前被評爲買入，但由於運營支出（opex）的增加以及其非航空板塊，尤其是其子公司Teleport、ADE和BigPay的表現不佳，已向下調整。
The airline's results were significantly impacted by a quarterly loss of RM545.7 million in 3QFY24, pushing cumulative losses for the first nine months of the fiscal year to RM324.7 million. Despite a 90.3% year-on-year increase in EBIT, driven by improved seat load factors and a recovery in capacity, the overall performance was still disappointing. Capital A's fleet utilisation reached 77%, which helped the airlines achieve an 81% recovery in seat capacity. However, despite increased capacity and improved revenue per available seat kilometre (RASK), the company's profitability was dragged down by higher costs, especially in its non-aviation segments.
該航空公司的業績受到 3QFY24 季度虧損54570萬令吉的重大影響，將本財年前九個月的累計虧損推高至32470萬令吉。儘管受座椅負載係數改善和產能恢復的推動，息稅前利潤同比增長90.3％，但整體表現仍然令人失望。Capital A的機隊利用率達到77％，這幫助航空公司的座位容量恢復了81％。但是，儘管運力增加且每可用座位千米收入（RASK）有所提高，但該公司的盈利能力受到成本上漲的拖累，尤其是在非航空領域。
While Capital A's aviation business saw a rebound, with an 8.2% year-on-year increase in capacity, segmental performance was not as strong. The airline's improved yields and declining cost per available seat kilometre (CASK), aided by lower jet fuel prices, were overshadowed by the higher costs incurred in its non-aviation businesses, particularly ADE, which saw a hit to profitability from increased staff costs linked to its expansion.
儘管Capital A的航空業務出現反彈，運力同比增長8.2％，但細分市場的表現卻沒有那麼強勁。在航空燃料價格下降的推動下，該航空公司的收益率提高和單位可用座位千米（CASK）成本（CASK）的下降被其非航空業務（尤其是ADE）的上漲所掩蓋。與擴張相關的員工成本增加使盈利能力受到打擊。
Looking ahead, Capital A is projecting a recovery in 4QFY24, with expectations of passenger traffic reaching 88% of pre-pandemic levels, supported by an 84% capacity restoration. The group is also preparing to launch 18 new domestic and international routes, with a particular focus on India and China, where it holds a strong market share. The airline plans to expand its fleet with five new aircraft, which should bring the total number of operational aircraft to 195 by the end of FY24.
展望未來，Capital A預計 4QFY24 將復甦，預計客運量將達到疫情前水平的88％，這得益於84％的運力恢復。該集團還準備推出18條新的國內和國際航線，特別關注其擁有強大市場份額的印度和中國。該航空公司計劃擴大其機隊，增加五架新飛機，這將使運營飛機的總數到24財年末達到195架。
Despite the optimism surrounding its 4QFY24 outlook, MIDF Research has revised Capital A's earnings for FY24-FY26, in line with higher operating costs and more conservative assumptions regarding seat capacity recovery and load factors.
儘管對 4QFY24 前景持樂觀態度，但MIDF Research還是調整了Capital A的 FY24-FY26 收益，這與更高的運營成本以及對座位容量恢復和負載係數的更爲保守的假設一致。
譯文內容由第三人軟體翻譯。
