Strengthened Ringgit Potentially Boost Capital A
Strengthened Ringgit Potentially Boost Capital A
Looking ahead, Capital A is focused on reactivating its fleet and expanding its capacity. Analysts' evaluations reflect a blend of cautious optimism: An analyst Capital A Berhad is navigating through a challenging period, with its 2Q24 results revealing a core net loss of RM72.8 million, bringing the six-month core net loss to RM6.4 million. This outcome was below expectations, primarily due to a lower-than-anticipated return of aircraft to service, with only 77% of the fleet operational at the end of 2Q24, compared to the expected 85%.
Capital A Berhad正在經歷一個充滿挑戰的時期，其24年第二季度的業績顯示核心淨虧損爲7280萬令吉，使六個月的核心淨虧損達到64萬令吉。這一結果低於預期，主要是由於飛機恢復服役的速度低於預期，截至24年第二季度末，機隊中只有77％投入運營，而預期的這一比例爲85％。
Despite these setbacks, analysts retain a cautiously positive outlook on Capital A. The company benefits from favourable trends such as easing jet fuel prices and a strengthening Malaysian Ringgit (RM). The company's future plans include the disposal of its shareholding in its five airlines to AAX in the fourth quarter of 2024, which is expected to lift its PN17 classification by early 2025.
儘管遇到了這些挫折，但分析師仍對Capital A保持謹慎樂觀的前景。該公司受益於航空燃料價格寬鬆和馬來西亞林吉特（RM）走強等有利趨勢。該公司的未來計劃包括在2024年第四季度將其五家航空公司的股權出售給AAX，預計AAX將在2025年初提高其PN17等級。
In terms of operational performance, Capital A reported a significant 213% year-on-year increase in EBITDA, though this figure still fell short of expectations, representing only 42% of the annual estimate. Average fares in 2Q24 declined to MYR240 from MYR264 in the previous quarter, but the company forecasts that fares will stabilise. Ancillary revenue per passenger is anticipated to remain above MYR50.
在運營業績方面，Capital A報告稱，息稅折舊攤銷前利潤同比大幅增長213％，儘管這一數字仍低於預期，僅佔年度估計值的42％。24年第二季度的平均票價從上一季度的 MYR264 降至 MYR240，但該公司預測票價將穩定下來。預計每位乘客的輔助收入將保持在 MYR50 以上。
Looking ahead, Capital A is focused on reactivating its fleet and expanding its capacity. Analysts' evaluations reflect a blend of cautious optimism: An analyst maintains a BUY rating with a target price of MYR1.00, underscoring confidence in the company's long-term recovery and growth potential. Another analyst also upholds a BUY rating with a target price of RM1.06, driven by strong load factors and recovery in seat capacity. Meanwhile, one stock broking house has upgraded its stance to MARKET PERFORM from UNDERPERFORM, setting a target price of RM0.78. This reflects a neutral view, acknowledging recent share price corrections and the potential for future recovery.
展望未來，Capital A專注於重啓其機隊和擴大其運力。分析師的評估反映了謹慎的樂觀情緒：一位分析師維持買入評級，目標價爲1.00馬幣，這凸顯了對公司長期復甦和增長潛力的信心。另一位分析師也維持買入評級，目標價爲1.06令吉，這得益於強勁的負荷因素和座位容量回升。同時，一家股票經紀公司已將其立場從表現不佳上調至Market Perform，將目標價定爲0.78令吉。這反映了中立的觀點，承認最近的股價調整以及未來複蘇的可能性。
The company's strategic goals include improving fleet utilisation and expanding its digital services. By the end of FY24, Capital A plans to have 195 aircraft operational, an increase from the current 82%. This expansion is expected to support a rebound in passenger traffic to pre-pandemic levels and enhance overall performance.
該公司的戰略目標包括提高機隊利用率和擴大其數字服務。到24財年末，Capital A計劃投入運營195架飛機，高於目前的82％。預計這一擴張將支持客運量反彈至疫情前的水平，並提高整體表現。
Source: Maybank, Kenanga, MIDF
Title: Veered off course ever so slightly in 2Q24, Gearing Up for Stronger Quarters, A Weak Set of Results, Look beyond FY24
資料來源：馬來亞銀行、肯南加、MIDF
標題：在24財年第二季度略有偏離了方向，爲更強勁的季度做準備，一系列疲軟的業績，展望24財年以後
譯文內容由第三人軟體翻譯。