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Airlines to face challenges in 2017 PETALING JAYA: Strong airlines earnings will likely sustain in kate spade sale site the remaining quarters of the year but maintaining the strong earnings momentum into 2017 may be challenging. believe the strong airlines earnings in first quarter will likely sustain in the remaining quarters as up to 75% of fuel requirement are already hedged. given the kate spade outlet tote bag uptrend in oil prices, a sustained strong earnings momentum into 2017, may be challenging. Our jet fuel assumption for 2017 is US$68 per barrel, Affin Hwang Capital said. The research house has maintained its call on the sector and downgraded AirAsia Bhd to as it believed the positives were reflective in its share price. It prefers Airasia X Bhd (AAX). Affin said the direction of jet fuel price would continue to be the biggest wild card for airlines. In June, the average spot price of jet kerosene has shot up to US$58 per barrel, still 21% lower year on year. a more positive note, AAX has hedged 100% of its fuel consumption for the remainder of 2016 at US$54 find kate spade a barrel. AirAsia has hedged 74% of its remaining year requirement at US$55 per barrel, suggesting that the risk for 2016 is partially sell kate spade purse capped, Affin noted. In the first quarter 2016, airlines recorded bumper earnings mainly due to low oil price, improvement in yields higher average fare, and higher load factor. The average fuel price in first quarter for AirAsia group was US$57 per barrel, about 30% lower year on year while load factor for AirAsia and AAX was 85% and 82% respectively. AirAsia yield reached its highest since first quarter 2013, while AAX yield was the highest since its listing. Affin said at the current price level, AirAsia was trading at 10.2 times 2016 and 12.6 times 2017 earnings per share (EPS). on FY17 EPS, AirAsia is already trading at +1SD above its three year historical mean price earnings ratio. Since the release of first quarter earnings, share price has appreciated by 25%.
believe the positives have been reflected in its share price. As such, we downgrade AirAsia to (from previously) with an unchanged target price of RM2.56 (10 times 2016 EPS), it said.