Equity Analysis /
Malaysia

MY : AirAsia Group Berhad - Upcoming rights issue overhang

    Raymond Yap
    Raymond Yap

    Head of Regional Transport

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    CGS-CIMB
    20 January 2021
    Published byCGS-CIMB

    Reiterate Reduce on AAGB due to huge ongoing losses, and a dilutive equity issue sometime this year; TP of 11 sen (CY21F P/BV of 1x) is unchanged. The ongoing MCO and interstate travel ban since 13 Jan, which we think could last 4-6 weeks, continue to keep the airline under pressure.