CIMB Research keeps Reduce on Malaysia Airlines

KUALA LUMPUR: CIMB Equities Research is maintaining its Reduce rating on Malaysian Airline System (MAS) with a lower target price of 14 sen from its previous 17 sen as the carrier braces for tougher times ahead in FY14.

It said on Wednesday MAS reported its largest quarterly core loss in the past two-and-a-half years, which at RM347m was 31% more than its forecast, leading to a 7% FY13 underperformance.