Thailand Stocks: Asia Aviation Undervalued (Thai AirAsia)
Economist and Hedge Fund Manager Shayne Heffernan of www.livetradingnews.com takes a look at Asia Aviation 2015 price target of 10Baht.
For the first nine months of this year, Asia Aviation’s revenues were up by 78% over the same period last year to 10.48 billion baht, with a net profit of 15.24 billion baht that included a fair value gain in the second quarter of 14.69 billion.
Thai AirAsia (TAA), yesterday posted a 12.5% rise in third-quarter net profit due to higher revenue and lower fuel prices., yesterday posted a 12.5% rise in third-quarter net profit due to higher revenue and lower fuel prices.
Net earnings for the period were 108 million baht, or two satang a share, compared to 96 million the same period last year when a different accounting system was applied during the pre-listing period.
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Revenue for the third quarter was 4.43 billion baht, up from 1.89 billion the previous period.
The profit is largely in line with analyst forecasts at seven securities companies.
An AAV executive attributed lower fuel prices, which slipped to an average of US$119 per barrel from $127 a barrel in the same period last year, as one of three main factors helping AAV’s profitability.
Higher sales revenue, a 2 percentage-point increase in load factor to 82%, and 6.4% growth in ancillary revenue from in-flight meals and duty-free goods also inflated earnings.
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Valuation Ratios (THB)
|
|
Anul |
LFI |
LTM |
LFY |
Curr Price/Rev/Shr: |
1.21 |
|
1.44 |
1.33 |
Curr P/E Excl Extra, LTM: |
|
|
1.36 |
|
P/E Excl. Extra Items: |
|
|
|
10.66 |
Curr P/E Normalized, LFY: |
|
|
|
10.66 |
Curr Price/CF/Shr: |
24.73 |
|
1.35 |
10.62 |
Curr Price/Tang Bk, Tot Eqty: |
– |
|
– |
|
Curr EV/Tot Revenue (LFI/LTM): |
1.69 |
|||
Curr EV/EBITDA (LFI/LTM): |
1.57 |
|||
Curr EV/EBIT (LFI/LTM): |
1.53 |
|||
Curr Mkt Cap (m): |
21,534.00 |
|||
(+) Tot Debt Cap, LFI (m): |
8,593.81 |
|||
(-) Cash & Equiv, LFI (m): |
4,934.48 |
|||
(=) Curr EV, LFI (m): |
25,193.33 |
|||
Curr EV/Tot Revenue (LFY): |
1.28 |
|||
Curr EV/EBITDA (LFY): |
10.06 |
|||
Curr EV/EBIT (LFY): |
– |
|||
Curr Mkt Cap (m): |
21,534.00 |
|||
(+) Tot Debt Cap, LFY (m): |
513.19 |
|||
(-) Cash & Equiv, LFY (m): |
1,368.82 |
|||
(=) Curr EV, LFY (m): |
20,678.36 |
|||
Interested in Investing in Asia?
Linda Johnson,
Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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Linda Johnson,
Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Heffernan Capital Management
Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
Member
Chinese Society of Economists
American Economic Society
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