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Company Update � Air Asia Berhad (BUY,
maintain)
- Brighter skies ahead AirAsia�s share price has remained subdued due to various headwinds including fare dumping due to stiff competition as well as political uncertainty in Thailand. However, we believe the worst is nearly over for the airline and expect the outlook to improve. We cut our FY14-16E earnings by 10-13% to reflect price competition. Despite this, valuation remains undemanding at 10x CY15E PER, below the 3-year average of 12x. Maintain BUY with a lower target price of RM2.80. Risks to our recommendation include a prolonged fare dumping beyond 1Q15 and a spike in jet fuel prices.
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