KUALA LUMPUR (Dec 24) : AirAsia Bhd rebounded from last Friday's closing price of RM2.53 to RM2.60, 7 sen or 2.77% higher, on an active trade of 7.1 million shares transacted as at 12pm on Monday.
The stock has been on a downward trend since reaching its year-to-date high of RM3.82 on July 9, 2012. Since then, the stock has lost 32.2% of its value.
According to filing with Bursa Malaysia, AirAsia's second largest shareholder Wellington Management Company has been increasing its shares in the stock in December alone, to 10.96% as at December 21 from 10.68% on November 30.
On the other hand, the Employees Provident Fund, which is the third largest shareholder of AirAsia has decreased its holding in Asia's largest low cost carrier to 7.95% as at December 21 from 8.2% on November 30.
Its largest shareholder Tune Air Sdn Bhd on the other hand, maintained its shareholdings at 25.49% from November 30 until December 21.
At current market price, AirAsia is valued at 4.73 times its cummulative nine month period ended Sept 30, 2012 earnings per share of 55 sen, with an estimated 5.6 times PE ratio for the year.
AirAsia is currently cheaper than its regional rivals Tiger Airways Holdings Ltd and Cebu Air Incorporated.
Tiger Airways is trading at 23.67 times financial year ending March 2013 estimated earnings, while Cebu Air is trading at 11.68 times financial year ending December 2012 estimated earnings.