Thursday, October 27, 2011

AirAsia rises to RM4, highest since early August

KUALA LUMPUR: Shares of AIRASIA BHD [] rose to RM4 on Thursday, Oct 27, its highest since early August, in line with the fresh optimism in regional equities markets.

At 4.09pm, it was up five sen to RM3.93. There were 22.03 million shares done at prices ranging from RM3.90 to RM4.

Following the run-up in the share price, UOB Kay Hian Malaysia Research downgraded the low-cost carrier to HOLD from BUY.

The research house said the share price had run up by 33% since its upgrade on Oct 5 and exceeded its target price of RM3.70 (unchanged).

'Our target price is based on 7.5 times EV/EBITDA and adjusted for the value of its Thai and Indonesian associates. Recommended entry price is RM3.22,' it said.

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