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apple developer account for sale :AmInvest Research mildly positive on AirAsia’s sale of stake in India ops

admin2020-12-3118

AmInvest Research said while the prospects for the air travel industry and airlines have improved significantly following the large-scale rollout of Covid-19 vaccines globally, there was an urgent need for airlines, including AirAsia, to recapitalise their balance sheets on the heels of the massive losses they have suffered during the pandemic. KUALA LUMPUR: AmInvestment Research is mildly positive on AirAsia Group’s sale of a 32.7% stake in AirAsia India (AAI) to JV partner Tata Sons Private Limited (Tata Sons) for US$37.7mil (RM152.6mil) cash. The research house said on Wednesday the disposal will result in a gain of the same amount as the carrying value of the stake is zero (the original investment cost of the stake has been fully written off due to AAI’s persistent losses since its inception in 2014). Post-exercise, AirAsia’s stake in the India-based low-cost carrier would reduce to 16.3% (from 49%) while Tata Sons’ stake would rise to 83.7% (from 51%). In addition, there is a put option being put in place, exercisable by AirAsia in 2022 to sell its entire remaining 16.3% stake to Tata Sons. “We are mildly positive on the latest development as after the exercise, AirAsia would account for a lower share of losses from AAI. “While the disposal would generate a gain (and cash flow) of RM152.6mil, this pales in comparison to the RM2.7bil net loss AirAsia recorded for 9MFY20. “We project AirAsia to remain in the red in 4QFY20F and FY21F, ” it said. AmInvest Research said while the prospects for the air travel industry and airlines have improved significantly following the large-scale rollout of Covid-19 vaccines globally, there was an urgent need for airlines, including AirAsia, to recapitalise their balance sheets on the heels of the massive losses they have suffered during the pandemic. “There could be a steep downwards adjustment to AirAsia’s share price in the event of a highly dilutive equity-raising exercise, ” it said. The research house maintained its forecasts and fair value of 66 sen for AirAsia based on 10 times FY22F EPS, but downgraded its recommendation to Sell from for AirAsi from Hold after the strong run-up in its share price of late. At 10 times forward earnings, AmInvest Research valued it at a discount to its global peers Ryanair and Southwest Airlines (13 to 15 times) to reflect AirAsia’s relatively smaller size and weaker balance sheet strength.
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