AirAsia X shares skyrocket!

<p>&nbsp;AirAsia X Bhd saw an increase past the RM2 level amid positive market sentiment on Thursday.</p><p><br /></p><p>Earlier, the company reported its passenger load factor for the second quarter of 2023 jumped 47% year-on-year while seat capacity increased more than 26-fold to 818,422 seats.</p><p><br /></p><p>It is understood that the increase in seat capacity is the result of the addition of additional aircraft and the expansion of the airline's network.</p><p><br /></p><p>The low-cost airline also reported that its operations have been improving over the past 12 months with available seat kilometer capacity increasing 25-fold year-on-year to 3.51 billion in the quarter.</p><p><br /></p><p>This report is seen as positive by investors which also signals that it is getting closer to getting out of its financial problems.</p><p><br /></p><p><br /></p><p>AirAsia X shares soared to RM2.18 at the time of writing, up 38 sen or 20.56%, bringing the market capitalization to RM970.15 million.</p><p><br /></p><p>This is also the highest level since August 2019 after surpassing the RM2.15 level reached at the end of last May.</p><p><br /></p><p>While its parent company, Capital A Bhd jumped 8.33% or 7 sen to trade at around 91 sen.</p><p><br /></p><p>Following the report, Maybank Investment Bank Research has restarted coverage of AirAsia X with a 'buy' rating at RM1.80 and a target price of RM3.58.</p>