The research house said on Friday that the preliminary operating statistics released by the group yesterday were slightly below its expectations.
The group’s traffic volume declined 5% on-quarter, exceeding the decline in available-seats-km (ASK) of 1.8%.
Nevertheless, its passenger load was slightly higher, improved by 1ppt to 81.6%, compared to 80.5% a year ago.
The research house maintained its Trading Buy call on the group with an unchanged target price of RM0.44 based on 8x FY19 earnings per share.
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