AirAsia’s shares gained 0.8% yesterday, despite being cut from ‘trading buy’ to ‘sell’ by OSK, “on the back of lower average fares and higher fuel costs”.
OSK also downgraded AirAsia’s fair value to MYR1.13, “based on 10x FY10 EPS”, adding that it believes “the price undercutting (for air fares) and escalating crude oil price would persist in the short to medium term”.
Selected LCCs daily share price movements (% change): 23-Nov-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance
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