MY : AirAsia Group Berhad - Likely lease liability cut lifts target price

1Q21 core net loss of RM1.2bn was wider than expected as it made up 40% of our/consensus full-year estimates due to weak traffic volumes. Reiterate Reduce as we now project even lower traffic volumes in 2021F than 2020, though much lower operating costs may help core losses narrow yoy. We raise our TP to 19 sen, as we pencil in a potential 30% cut to operating lease liabilities, still based on P/RNAV of 1x.

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