May 6, 2010

AIRASIA - Stock Code 5099

AirAsia (RM1.32; Buy; Price Target: RM1.95)

Positioned to ride the recovery

•  AirAsia is well-positioned to capitalize on demand
recovery with its fleet expansion program
•  Ability to fund new aircraft purchases and repay loans
no longer a major concern as operating cash flows
strengthen
•  Upgrade to Buy with RM1.95 TP based on 9x CY11F
EPS.

by HWDBS