PETALING JAYA: Malaysia Airports Holdings Bhd’s new terms for the operating agreements mildly lighten its capital expenditure burden but have no material impact on its earnings, said Kenanga Research.
“The recently announced tariff revision is positive to its earnings but may not be sufficient for it to fund more aggressive capex plans,” it said in a note today while maintaining the target price for MAHB’s shares at RM9 per unit. According to its in-house projection, tourist arrivals in Malaysia are expected to jump 35% to 27 million this year, consistent with Tourism Malaysia’s projection to return to pre-pandemic levels in FY2024 from an estimated 20 million a year ago.The growth will be driven by Chinese tourists who have historically contributed to an estimated 12% of total tourist arrivals in Malaysia.
“We expect traffic trajectory to grow in subsequent months as airlines continue to redeploy more aircraft to match increasing demand, amplified by aircraft movements that are pointing towards increased medium and long-haul flights to Perth, Sydney and Auckland, as well as Southeast Asia and South Asia destinations,” it said.
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