AirAsia climbs; stock downgraded

23 November 2009

AirAsia Bhd, Southeast Asia’s biggest discount carrier, had its stock rating reduced to “sell” from “trading buy” at OSK Research Sdn Bhd on lower-than-expected third-quarter profit.

OSK also cut its earnings estimates by 31 per cent for 2009 and 46.5 per cent for 2010, saying “price undercutting and escalating crude oil would persist in the short to medium term.”

AirAsia climbed 1.6 per cent to RM1.30 in Kuala Lumpur trading at midday close.

Bloomberg