Thumbs up for Capital A’s rebound but PN17 status still a concern FMTNews FMTBusiness
Capital A’s Q1 revenue surged over 200% to RM2.53 billion from RM811.74 million a year ago following a 128% increase in passenger volume to 8.5 million.
Airline revenue tripled on the back of an 88% load factor and a 128% increase in passenger volume to 8.5 million. “The delay was due to the need to incorporate the latest FY2022 audited figures. We gathered that the group plans to divest its aviation group to AirAsia X in exchange of shares for subsequent distribution to its shareholders,” it said.
The investment bank raised its FY2023 and FY2024 net profit forecasts by 87% and 44%, respectively, and giving Capital A a higher target price of 84 sen from 67 sen previously.Kenanga said Capital A has reactivated 157 aircraft in the first quarter with plans to reach 215 deployed aircraft by end-2023.
Meanwhile, MIDF Research maintained its “buy” call on Capital A with a higher TP of RM1 from 91 sen previously.
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