Analyst Expects A Turnaround For Capital A In 4Q24
Analyst Expects A Turnaround For Capital A In 4Q24
This resulted in a 9M24 core net loss of RM65.7 million, a significant miss compared to Maybank IB's expectation of a core net profit of around RM100 million for both 3Q24 and 9M24. The shortfall was primarily due to a lower number of passengers carried, with only 46.9 million passengers carried in the first nine months, accounting for just 71% of the full-year target. Additionally, only 77% of Capital A's fleet was operational during the quarter, falling short of Maybank IB's expectations.Maybank Investment Bank Bhd (Maybank IB) has maintained a HOLD call on Capital A Bhd, with a target price of RM1, based on its sum-of-parts (SOP) valuation. This follows a weaker-than-expected performance in the third quarter of 2024 (3Q24), with a marginal core net loss despite a substantial forex gain that boosted the headline profit.
美行投資銀行（Maybank IB）對資本A有限公司（Capital A Bhd）維持了持有的評級，目標價爲1令吉，這是基於其部分總和（SOP）評估。這是由於2024年第三季度（3Q24）的業績低於預期，儘管有大量的外匯收益提升了頭條利潤，但仍出現了輕微的核心淨虧損。
The research house has reduced its earnings estimate for FY24 by 71% to RM93.5 million from RM318.2 million but maintains its projections for FY25 and FY26, as it expects the airline to return its full fleet to service by 1Q25. At present, approximately 85% of Capital A's fleet is active, an improvement from 77% at the end of 3Q24. Maybank IB has reiterated that the return of the full fleet is not a matter of "if" but rather "when".
該研究機構已將2024財年的盈利預估下調71%，從31820萬令吉降至9350萬令吉，但維持對2025財年和2026財年的預測，因爲預計該航空公司將在2025年第一季度將其全部機隊重新投入使用。目前，資本A的機隊中約85%處於活躍狀態，較2024年第三季度末的77%有所改善。美行投資銀行重申，全部機隊的恢復不是「如果」，而是「何時」的問題。
Capital A's 3Q24 headline profit was reported at RM1.64 billion, largely driven by an RM2.27 billion foreign exchange gain from its US dollar leases and borrowings. However, excluding these one-off items, the group recorded a core net loss of RM59.3 million, a 41% decline year-on-year (YoY) and a 19% decrease quarter-on-quarter (QoQ).
資本A的2024年第三季度頭條利潤報告爲16.4億令吉，主要受益於其美元租賃和借款所帶來的22.7億令吉外匯收益。然而，除了這些一次性項目外，集團記錄的核心淨虧損爲5930萬令吉，同比下降41%，環比下降19%。
This resulted in a 9M24 core net loss of RM65.7 million, a significant miss compared to Maybank IB's expectation of a core net profit of around RM100 million for both 3Q24 and 9M24. The shortfall was primarily due to a lower number of passengers carried, with only 46.9 million passengers carried in the first nine months, accounting for just 71% of the full-year target. Additionally, only 77% of Capital A's fleet was operational during the quarter, falling short of Maybank IB's expectations.
這導致2024前九個月核心淨虧損爲6570萬令吉，明顯低於美行投資銀行對2024年第三季度和前九個月約10000萬令吉核心淨利潤的預期。短缺主要是由於載客量降低，前九個月僅載客4690萬人，只有71%的年度目標。此外，資本A在該季度運營的機隊僅爲77%，未達到美行投資銀行的預期。
Looking ahead, Maybank IB expects a sequential improvement in 4Q24 results, driven by an expected 88% load factor, a slight increase in average fare to RM235 and a stable ancillary revenue per passenger of over RM50. Additionally, with spot jet fuel prices easing to US$87 per barrel in 4Q24 from US$92 per barrel in 3Q24, the research house anticipates further positive momentum.
展望未來，美行投資銀行預計2024年第四季度的業績將有所改善，預計負載因子爲88%，平均票價略微增加至235令吉，以及每位乘客的輔助收入穩定在50令吉以上。此外，隨着2024年第四季度現貨航空煤油價格從第三季度的92美元降至87美元，該研究機構預計將出現進一步的積極勢頭。
At the same time, Capital A hopes to complete the sale of five of its airlines to AirAsia X by 1Q25 and aims to lift its Practice Note 17 classification in the first half of 2025.
與此同時，資本A希望在2025年第一季度前完成將其五家航空公司出售給亞洲航空X的交易，並計劃在2025年上半年提升其實踐通知17的分類。
譯文內容由第三人軟體翻譯。
