Air Arabia

Source: HC Securities & Investment

1Q10 Results: Concerns Validated

Net income in 1Q10 missed estimates by 36% on higher costs and lower lease income
Results validate our belief that 2010e will be a difficult year for Air Arabia due to yield pressure in a tough cost environment
Maintain our Hold rating and cut TP by 5% to AED1.06/share to reflect an even less favorable cost outlook


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