Fernandes bullish on AirAsia X, but CIMB downgrades airline

CIMB Research said its downgrade rating from

PETALING JAYA: While Tan Sri Tony Fernandes remains bullish about the prospects of his loss-making AirAsia X Bhd (AAX), one research house downgraded its rating on the long-haul, low-cost airline, giving it a target price of a mere 17 sen.

CIMB Research said its downgrade rating from “hold” to “reduce” was on the back of a more challenging outlook and continuing drain on AAX’s cash.