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Tuesday, January 2, 2007

个股研究:AirAsia 亚洲航空

个人觉得亚洲航空是值得留意的股项,基于油价飙升以及未来廉价航空竞争激烈的担忧,亚洲航空的股价始终无法更上一层楼。2006年的闭市价为RM1.51。

亚洲航空令我感兴趣的原因:
1。有效的控制成本,提高效率。
2。良好的行销及市场策略。
3。有个很好的领导者-〉Tony Fernandes
4。简单化的领导层,没有多余的繁文条例,愿意听取下属的意见。
5。基于以上4点,AirAsia和DIGI有很多相像之处,DIGI在Morten Lundal的领导下,证明了通过控制成本及市场策略,即使是在更强劲的对手及不利的竞争环境下,依然能取得亮丽的成绩单。DIGI从2006年初的RM7.80飚涨至RM15.20,高达95%的涨幅。这尚未把DIGI的资本回退与股息回酬计算在内。AirAsia是否能跟随DIGI的脚步?
6。致力于提到公司形象,对正年轻人及背包旅行一族的口味。
7。公司雄心万志,有消息指出,亚洲航空将于2007年和另两家廉价航空公司携手合作,飞进中国北京,上海,以及英国伦敦。一旦成事,肯定是一大佳音。

2007年是大马旅游年,AirAsia是否能乘势而上,冲上高峰,且让我们拭目以待。在此作为纪录,供日后参考。

http://www.sinchew.com.my/content.phtml?sec=1&sdate=2007-01-01&artid=200701011244
http://www.chinapress.com.my/content_new.asp?dt=2007-01-02&sec=mas&art=0102mc71.txt

3 comments:

adrianwee said...

Hi!! You also watching AirAsia kah? HAHA! I bought AirAsia at RM1.61 because I saw the history highest ever is RM 1.9++. Who knows it dropped and I bought again at RM 1.42. Luckily it bounce back, so I sold the one bought with RM 1.42.

However, the P/E ratio for this stock is very high and it keeps growing, so we don't get any dividens. With MAS lowering it's fare, it's not a good news for AirAsia. But I believe what you say in your blog, the CEO has a big dream. AirAsia is high in debt but so far its earning can still cope with the debt and they are keep buying more aeroplanes. Good to keep a few AirAsia stocks but the returns probably in 2-3 years time....what do you think?

gwsc said...

Hi Adrian,
Thanks for your comment.
P/E for AirAsia is ~40 now but if AirAsia manage to double its profit this year, that will bring the P/E down to ~20 again.
AirAsia is a growth company so it needs the money to expand its business, hence we should not expect any dividend and it's acceptable to have debt as long as the company keeps growing.
I think the competition between MAS and AirAsia has brought the best out of both companies.
The latest venture by Tony Fernandes into long-haul flight through FAX is a 进可攻,退可守strategy. It will not impact AirAsia bottomline, but it definitely helps to increase the demand for AirAsia domestic and regional flight. Good for us as well as we might be able to visit Old Trafford soon! :)
BTW for long term investment, we are looking at 3-5 years, so I'm not too worried if we are not getting any good return in short term.

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