KUALA LUMPUR, Nov 22 ― AirAsia X Bhd (AAX) shares climbed this morning after Bursa Malaysia Securities Bhd uplifted the airline’s Practice Note 17 (PN17) status effective 9am today following an appeal.
At 11am, its shares rose 15 sen to RM2.25 from yesterday's close of RM2.10 with a total of 18.14 million shares traded.
In a note, Maybank Investment Bank Bhd (Maybank IB) said despite the disappointing third-quarter 2023 (3Q FY2023) financial results due to higher-than-expected jet fuel prices, AirAsia X is expected to perform strongly in the fourth quarter (4Q) of 2023.
AAX posted a lower net profit of RM5.56 million for 3Q FY2023 from RM25.09 million in the corresponding period last year although revenue soared to RM648.36 million from RM100.10 million a year earlier.
“Going forward, we expect 4Q FY2023 to be strong as fares traditionally peak in the fourth quarter. We expect Thai AirAsia X (TAAX) to contribute meaningfully from next year onwards,” Maybank IB said.
The bank also maintained its “buy” call on AAX with a lower 12-month target price of RM3.40 (previously RM3.56). ― Bernama
