Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The independent financial analyst theScreener just awarded an improved star rating to JET AIRWAYS (INDIA) LTD. (IN), active in the Airlines industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date January 28, 2020, the clo...
Q3FY19 result highlights Jet Airways (Jet) reported consolidated net loss of Rs7.1bn (est: 9.3bn) in Q3FY19 led by higher fuel expenses, higher maintenance costs and higher rentals. RASK grew marginally by 1.4% yoy to Rs4.34 (est: Rs4.17). Unit fuel cost grew 30%yoy to Rs1.7, leading to a 11.2%yoy drop in gross spread to Rs2.6 (est: Rs2.4). Maintenance costs grew 33.7%yoy to Rs0.5. Pax traffic declined 6.6%yoy to 7.1m, ASKM declined 1.4%yoy to 14.8bn, RPKM declined 3%yoy to 12.2bn and PLF c...
Q2FY19 result highlights Jet Airways (Jet) reported consolidated net loss of Rs12.6bn (est: 11.3bn) in Q2FY19 led by higher fx MTM loss, higher S&D expenses and higher rentals; Excluding the impact of reversal of variable engine rentals of Rs1.1bn, the loss would have been even steeper at Rs13.7bn. RASK declined marginally by 0.3% yoy to Rs4.16. Excluding the impact of reversal of engine rentals, RASK declined 2.1%yoy to Rs4.1 and was in line with our est of Rs4.1. Fuel costs grew significan...
Q1FY19 result highlights Jet Airways (Jet) reported consolidated net loss of Rs13bn in Q1FY19 led by lower yields, higher fuel costs, higher maintenance costs and adverse impact of INR depreciation. RASK declined 3.9%yoy to Rs4.1 and was below our estimate of Rs4.4. Fuel costs grew 37%yoy to Rs1.6, leading to a 19.4%yoy drop in gross spread to Rs2.5 (est: Rs2.8). Maintenance costs grew 20.6%yoy to Rs7.6bn due to an annual cost escalation and INR depreciation. Revenue grew 5.2%yoy to Rs62.6b...
Q4FY18 result highlights Jet Airways (Jet) reported consolidated net loss of Rs10.2bn in Q4FY18 led by lower yields, higher fuel costs, higher maintenance costs and fx MTM loss of Rs1.6bn. For FY18, Jet reported net loss of Rs6.4bn. RASK declined 1.2%yoy to Rs4.1 (down 3.6%qoq) and was below our estimate of Rs4.3. Fuel costs grew 17%yoy to Rs1.5, leading to a 9.6%yoy drop in gross spread to Rs2.7. Maintenance costs grew 48.2%yoy to Rs7.9bn due to Rs2.5bn costs associated with engine shop...
Jet Airways: Focus on profitability; Multiple cost rationalization initiatives, differentiated offerings (JETIN IN, Mkt Cap USD1.4b, CMP INR754, Not Rated) We recently met Jet Airway's CEO, Mr Vinay Dube and CFO, Mr Amit Agarwal. Our key takeaways from the meeting: Focus on profitability over market share JETIN's focus remains more on profitability and debt repayment than on market share gains. The company intends to use its free cash flows mainly to repay debt. It has pared its debt f...
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