PIVB retains fully valued for AirAsia X

KUALA LUMPUR: Public Investment Bank Research (PIVB) is maintaining a fully valued rating on AirAsia X with a target price (TP) of 56 sen on a pre-rights basis, which ignores the entitlement basis and rights issue price.

“This is based on 1.7 times FY15F price-to-book value (P/BV), the average valuation of its low-cost carrier (LCC) peers. Our ex-rights TP will be determined, once the rights issue price and entitlement basis are fixed,” it said.