亚航X(AAX,5238,主板消费产品服务组)为何有逾300亿盈利?
读者伤心人问:
我买亚航X(AAX,5238,主板消费产品服务组)已经多年,不久前看到它的盈利竟有300多亿,请问这是真的吗?这家公司的实际状况到底如何?前景可好?
答:
完成债务重组 拨备回拨336亿
从账面看,亚航X经完成债务重组后,确实取得336亿令吉的拨备回拨,但2022财政年第三季财报仍逊于预期,不过分析员看好随着主要市场重开国门,并放宽旅游限制使得前景转佳,维持“跑赢大市”投资评级。
大众研究分析员在报告指出,若扣除非经常性项目,该公司截至今年3月底第三季核心净亏损为2980万令吉,比起前期的净亏3亿零750万令吉显著收窄,不过较第二季的净亏1130万令吉略微扩大。
第三季整体财报是逊于预期,但亚航X主要的市场也逐步重开国门,未来前景可期。纵然只有当股东通过公司的所有企业活动(包括附加股),我们还是喜欢该公司扭转劣势的故事。
筹资料下半年完成
该公司今年2月21日宣布,为附加股计划定价每股28仙,预料可筹资1亿1600万令吉,这与2020年底配售新股予副主席拿督林建安旗下特别用途公司(SPV)做法相似。当初的股权认购计划筹措最多5亿令吉,所有筹资活动均获得批准,而筹资活动预料可在今年下半年完成。
各国旅游限制放宽
货运航班将持续攀升
亚航X在今年1月至3月间管理6架飞机,放眼今年底可全面恢复运作(13架飞机)。大众研究披露,随着越来越多国家逐步放宽旅游限制,更多飞机重新回归运作,预期该公司的货运及航班营业额将持续攀升。
虽然航空旅游今年料续复苏,不过高油价却是亚航X短期内的重大风险,因并未有燃油护盘合约,不排除该公司或通过燃油附加成本及调高机票价格,转嫁燃油成本给乘客,难免冲击需求。
该行认为,亚航X的赚幅及现金流或也将疲软,为反映燃油价格走高及更高维修成本,下砍以企业价值倍数(EV/EBITDA)为考量的目标价,从1令吉30仙调低至1令吉零4仙。
本栏并无作出任何股票交易的建议,一切买卖盈亏自负,在采取投资行动前,请依本身的投资条件与情况,及向你的证券经纪咨询。
https://www.sinchew.com.my/20220606/%E4%BA%9A%E8%88%AAx%E4%B8%BA%E4%BD%95%E6%9C%89%E9%80%BE300%E4%BA%BF%E7%9B%88%E5%88%A9%EF%BC%9F/
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