Capital A, AAX Stocks Up After Positive 4Q Operating Stats

KUALA LUMPUR, Feb 13 (Bernama) -- Capital A Bhd and AirAsia X Bhd’s (AAX) shares rose after the release of their positive fourth-quarter financial year 2024 (4QFY24) operating statistics.

At 12 pm, Capital A bagged four sen to 88 sen, making it among the top active counters with 15.03 million shares traded, while AAX was two sen higher at RM1.76 with 484,000 shares changing hands.

In a note, Public Investment Bank Bhd said it is maintaining an ‘outperform’ call for both Capital A and AAX, with a target price of RM1.57 and RM2.47 respectively.

It noted that Capital A’s 4QFY24 operating statistics show that the international segment continued to experience robust demand and capacity growth.

“Passenger volume for the consolidated aircraft operating certificate (AOC) operations (Malaysia, Indonesia, Philippines, Thailand, and Cambodia) rose by 9.0 per cent year-on-year (y-o-y) to 16.3 million.

At the same time, passenger load factor (PLF) held steady at 88 per cent as demand matched a 10 per cent y-o-y increase in capacity. As such, we maintain our earnings estimates,” it said in a note.

Meanwhile, AAX reported a 20 per cent y-o-y growth in traffic volume, in line with a 20 per cent y-o-y growth in Available Seat Kilometers (ASK).

As a result, its PLF remained unchanged at 82 per cent y-o-y.

“This positive performance was driven by more aircraft returning to service, coupled with increased flight frequency in selected markets during the peak travel season (Australia, Japan and South Korea).

AAX also launched flights to Chongqing in China and Nairobi in Kenya, marking its maiden venture into the African region.

AAX is scheduled to release its 4QFY24 results and passenger yield data later this month.

-- BERNAMA