PIVB Maintains 'Outperform' Rating On AAX

KUALA LUMPUR, Oct 25 (Bernama) -- Public Investment Bank Bhd (PIVB) has maintained its "outperform" rating on AirAsia X Bhd (AAX) supported by its robust demand in the third quarter of 2024 (3Q 2024).

AAX carried 1.08 million passengers in 3Q 2024, representing a 34 per cent year-on-year (y-o-y) increase, and delivered a strong passenger load factor of 84 per cent, up by four percentage points. 

"This positive performance was achieved as more aircraft returned to service, coupled with higher flight frequency, effectively ramping up seat capacity.

"The AAX total fleet size increased to 18 A330s as of Sept 30, 2024, with 16 aircraft activated and operational," said PIVB in a research note.

It has a target price of RM2.47 from the current RM1.94.

As of 10.43, AAX's counter rose one sen or 0.51 per cent to RM1.95, with 1.04 million shares traded. 

-- BERNAMA