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KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) is maintaining its 'buy' call on Malaysia Airports Holdings Bhd (MAHB) with a slightly higher discounted cash flow-based target price of RM7.25, following MAHB's Malaysian operations’ improving international passenger traffic.
In a note today, Maybank IB said the international passenger traffic is recovering faster than expected, despite rising airfares due to surging jet fuel prices after Malaysia reopened its borders on April 1, 2022 and axed the COVID-19 testing requirements on May 1, 2022.
"Thus, we narrow our financial year 2022 estimated (FY22E) loss for MAHB by 14 per cent and maintain our FY23E earnings as we are increasingly confident of our long-term earnings estimates.,
"With Malaysia scrapping the Traveller’s Pass from July 4, we expect the country’s international passenger traffic to continue recovering," it said.
Maybank IB noted that MAHB’s domestic and international seat capacity is close to 90 per cent and 50 per cent of FY19 levels, respectively, in July 2022.
"Most encouragingly, we understand that Malaysia's international passengers hit circa 50,000 daily in the first few days of July 2022.
"At this rate, Malaysian international passenger traffic could come in at 33 per cent of pre-COVID levels in July 2022," the research firm added. - Bernama