Blue Skies For Malaysia's Aviation Sector
Blue Skies For Malaysia's Aviation Sector
In addition to these cost reductions, fare increases are anticipated. Malaysia Airlines' (MAS) recent decision to cut capacity by 18% until the end of the year is expected to drive higher fares. Historically, similar reductions in capacity, such as those following the MH370 and MH17 incidents, have led to fare hikes. This could benefit other airlines, with each RM1 increase in fares potentially adding RM25 million to RM35 million to CAPITALA's earnings, and RM3 million to AAX's earnings.The Malaysian aviation sector is experiencing favourable conditions, driven by a marked decline in USD and jet fuel prices. With the RM strengthening to RM4.25 per USD and jet fuel prices dropping to USD86 per barrel, airlines are set to benefit from lower operating expenses. This improvement is particularly significant as 70-80% of airlines' operating expenses are in USD, with jet fuel accounting for 40-50% of costs.
馬來西亞航空公司板塊正面臨有利條件，這主要是由於美元指數和噴氣燃料價格的顯著下降所推動。隨着馬幣兌美元的匯率升值到RM4.25兌1美元，噴氣燃料的價格降至每桶86美元，各航空公司將受益於較低的營業費用。這一改善尤其重要，因爲航空公司營業費用的70-80%以美元計價，而噴氣燃料佔到了成本的40-50%。
For CAPITAL A, each 5 sen recovery in the RM/USD exchange rate could boost earnings by RM100 million to RM125 million annually, while a USD1 per barrel reduction in jet fuel prices could increase earnings by RM45 million to RM55 million. For AAX, similar changes would add RM25 million to RM30 million and RM13 million to RM14 million to earnings, respectively.
對於CAPITAL A而言，馬幣兌美元匯率每上漲5仙，每年可增加1億至1.25億的盈利，而每桶噴氣燃料價格每減少1美元，每年可增加4500萬至5500萬的盈利。對於AAX，類似的變動將分別增加2500萬至3000萬和1300萬至1400萬的盈利。
Maybank Stock Broking House maintained a POSITIVE outlook on aviation sector.
馬來銀行券商對航空公司板塊持有積極展望。
In addition to these cost reductions, fare increases are anticipated. Malaysia Airlines' (MAS) recent decision to cut capacity by 18% until the end of the year is expected to drive higher fares. Historically, similar reductions in capacity, such as those following the MH370 and MH17 incidents, have led to fare hikes. This could benefit other airlines, with each RM1 increase in fares potentially adding RM25 million to RM35 million to CAPITALA's earnings, and RM3 million to AAX's earnings.
除了這些成本降低外，票價上漲也是預期的。馬來西亞航空公司（MAS）最近決定將航班容量減少18%到年底，預計將推動機票價格的上漲。從歷史上看，類似的航班容量減少，例如MH370和MH17之後的情況，都導致了機票價格的上漲。這可能對其他航空公司有所好處，每增加1馬幣的票價可能會爲CAPITAL A的盈利增加2500萬至3500萬，而爲AAX的盈利增加300萬。
Forecasts for FY25 earnings are promising under a "blue sky" scenario. If the current trends in the RM/USD exchange rate and jet fuel prices continue, CAPITALA's earnings for FY25 could surge by 93% to RM1.36 billion, leading to a potential target price increase to RM1.38. AAX's FY25 earnings might rise by 123% to RM451.2 million, with its target price potentially reaching RM6.06. This optimistic outlook reinforces the recommendations to maintain BUY calls on both CAPITALA and AAX, reflecting their potential to significantly benefit from the current favourable conditions in the aviation sector.
對於FY25的盈利預測在一個「藍天」情景下是有希望的。如果當前的馬幣兌美元匯率和噴氣燃料價格趨勢持續下去，CAPITAL A的FY25盈利可能增長93%，達到13.6億馬幣，目標價可能增至RM1.38。AAX的FY25盈利可能增長123%，達到45120萬馬幣，目標價可能達到RM6.06。這種樂觀的前景支持維持對CAPITAL A和AAX的買入建議，反映了它們能夠從當前航空行業有利條件中獲得顯著利益的潛力。
Source: Maybank
Title: Winds are blowing in the right direction
來源：馬來銀行
標題：風向正適宜
譯文內容由第三人軟體翻譯。
