Rex Mayday Call To Government
Regional Express (REX) shares crashed 11% to a low of 79.5c yesterday and closed not much higher on 80.5c after the company’s lurid warning in a profit downgrade on Friday night.
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News
REX Warns Aviation Disaster Imminent
Regional Express Holdings Limited (ASX:REX), Australia’s largest independent regional airline, released a profit warning on Friday evening in which the Chief Operating Officer used very strong language to warn of the sector’s imminent collapse.
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Analyst Views
REX – CIMB Securities rates the stock as Downgrade to Neutral from Outperform
Target $1.18 (was $1.20). The broker has undertaken a reality check to account for still tough conditions and now forecast a 45% drop in FY net profit. Increased costs and a weak pricing environment were held to blame. The broker also expects ongoing weakness in traffic data and the falling AUD will continue to make things tougher.
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REX – RBS Australia rates the stock as Downgrade to Hold from Buy
A general sector update on transport stocks in Australia has revealed a downgrade in rating for Regional Express. RBS analysts are forecasting subdued proift results for the sector overall in the short term, but they see value emerging on a longer term view.
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