KUALA LUMPUR: MIDF Research has retained its sell call on Malaysia Airlines (MAS) and said that while the national carrier's membership of the oneworld alliance would help boost its revenue and lessen costs, any favourable results will only be noticed in 2013 onwards.
The research house said it was making no changes to its earnings forecast for now till 2012.
'Due'' to'' limited'' implied ''upside potential as well as headwinds'' from escalating'' fuel prices and ''some'' impact'' from'' the'' MENA'' civil'' unrest'' and'' Japanese'' natural ''disasters, we are expecting the coming 2Q11 numbers to be impinged.
'Therefore we reaffirm Sell with a target price of RM1.24, derived by pegging ''its EPS11 to 13.6x PER, which is the average PER of its peers,' said MIDF Research in a note June 7.
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The research house said it was making no changes to its earnings forecast for now till 2012.
'Due'' to'' limited'' implied ''upside potential as well as headwinds'' from escalating'' fuel prices and ''some'' impact'' from'' the'' MENA'' civil'' unrest'' and'' Japanese'' natural ''disasters, we are expecting the coming 2Q11 numbers to be impinged.
'Therefore we reaffirm Sell with a target price of RM1.24, derived by pegging ''its EPS11 to 13.6x PER, which is the average PER of its peers,' said MIDF Research in a note June 7.
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