AirAsia X Bhd (AAX) released its 3QFY24 operating statistics, reporting a 34% YoY growth in traffic volume, outpacing the 27% YoY growth in Available Seat Kilometers (ASK). As a result, its passenger load factor (PLF) increased by 4.0 percentage points (ppts) to 84%, compared to 80% in 3Q23. This positive performance was achieved as more aircraft returned to service, coupled with higher flight frequency, effectively ramping up seat capacity. The AAX total fleet size increased to 18 A330s as of 30 Sep 2024, with 16 aircraft now activated and operational. In term of its network in 3QFY24, more than half of the routes offered daily flights, reflecting AAX’s focus on meeting high travel demand. We reintroduce our FY24-26F earnings forecasts following a temporary cessation of coverage. Our Outperform call is maintained, with target price of RM2.47 based on 7x FY25F EPS. AAX is scheduled to release its 3QFY24 results and passenger yield data on 29th Nov 2024.
Source: PublicInvest Research - 25 Oct 2024
Chart | Stock Name | Last | Change | Volume |
---|
Created by PublicInvest | Nov 06, 2024
Created by PublicInvest | Nov 05, 2024