05 October 2009
KUALA LUMPUR -- No changes are required to AirAsia's earnings estimates, says ECM Libra Investment Research, adding that it has already factored in the deferment of aircraft deliveries.
The deferment of eight aircraft deliveries in 2011 is expected as AirAsia had previously mentioned its intention of doing so following the decision in early August to defer seven aircraft deliveries in 2010 to 2014, ECM Libra said in a research note on Monday.
It said the deferment would reduce AirAsia's capital expenditure in 2010 and 2011 from RM3.5 billion and RM3.3 billion to RM2.3 billion and RM2.2 billion respectively.
The decision to phase out the use of Boeing 737 aircraft is expected, ECM Libra said.
Operationally, the expected improvement in efficiency from the use of the newer A320-200 aircraft will be seen in AirAsia's Thai and Indonesian associates, it said.