New Zealand Aviation NEWS: New Zealand Aviation NEWS

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Monday, January 31, 2011

National carrier a tempting prospect Investors with an appetite for rollercoaster rides will have had their interest piqued by Air New Zealand lately

1.

Last month the airline got the green light from regulators for its alliance with Virgin Blue on trans-Tasman flights, then followed up this month with the purchase of 15% of Virgin Blue.

Prime Minister John Key then added to the mix by announcing on Wednesday the government was considering selling some of its 75% Air NZ stake, although it would keep a majority holding.

The sell-down scenario is vague so far – we don't know how it might be sold or at what price – but it could weigh on the company's share price until the overhang is dealt with.

In the long run, however, a sell-down may be beneficial as it widens the market for Air NZ shares.

Analyst Geoff Zame of Craigs Investment Partners said Key's announcement was welcome news.

"Liquidity [given the small free float] has always been a major issue in attempting to diversify the register so a partial selldown is likely to be well received," he said.

"Air NZ has also been one of the highest-yielding NZX50 stocks through the global financial crisis – so there is no reason why it may not be attractive to the retail base despite the super-cyclical nature of the sector."

Some of the volatility in the shares can be seen in the change since early last July, when Zame upgraded his rating on Air NZ from "hold" to "buy" at a price of $1.07.

Last week Air NZ was trading around $1.45, having closed as high as $1.53 in mid-January.

Last year Zame noted the company had proven profitable through a "perfect storm" for the aviation sector and continued to pay respectable dividends, which made it a relatively conservative investment play compared to most of its airline peers.

Subsequent developments appear to have reinforced his view.

Commenting on the airline last week, he said: "I think Air NZ has a great story to tell and has a great niche in the fastest-growing aviation region in the world [Asia-Pacific]."

In the interests of disclosure, it should be noted that Craigs is part-owned by Deutsche Bank, whose Australian investment banking arm was involved in advising on and executing the Virgin Blue transaction.

Another analyst with a positive view was Morningstar, which reaffirmed its "buy" rating on Air NZ following the Virgin deal.

"We think this is a good move by Air NZ although sceptics would argue that the firm's previous investment in Ansett proved to be a disaster. We expect earnings to accelerate this year on the back of strong demand and higher yields."

Like Zame, Morningstar commented on the airline's record through the recession.

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Saturday, January 29, 2011

NZ Govt. May Reduce Stake In Air New Zealand

New Zealand Prime Minister John Key says the government will consider reducing the majority stake it holds in Air New Zealand, although he also says this ownership model has worked well and should be emulated with other state-owned assets.

In a major annual policy speech, Key said he has asked Treasury for advice on “the merits and viability” of reducing the government’s shareholding in the airline, which is currently about 75%. However, he stresses that the government would still retain a majority stake.

Such a move would not affect the company much. While it is the major owner, the government takes a hands-off approach to strategy and the running of the carrier. The government acquired the majority ownership in 2001 when the carrier was in dire financial straits.

“A change in the government’s shareholding while retaining a majority stake would have no influence on Air New Zealand’s business but would provide greater market liquidity for shareholders,” the airline says in a statement.

Key says the government is conducting a broader review of certain state-owned assets, to identify “where we have more money invested than we absolutely need to.”

He says the mixed-ownership model under which Air New Zealand operates, with a government majority stake but some private equity, “gives the best of both worlds.”

“Under this model, the government has a controlling stake in what is a crucial piece of transport infrastructure and guarantees that it will be majority New Zealand owned,” says Key. “But by not owning 100% of the airline, the government also has capital free to invest in other assets.” A similar model “could be extended to more of the government’s commercial assets.”

Key says under mixed government-private ownership, “Air New Zealand has been a creative and innovative company and a model corporate citizen … [and] has also offered some very competitive prices for air travel. I am convinced that Air New Zealand would not be run as well, nor provide as good a service to customers, if it was owned 100% by the government.”

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Friday, January 28, 2011

Air New Zealand's B777-300ER is notable for its new Skycouch economy-class seats, which are equipped with footrests that can be raised to create a sofa-type sleeping surface across three seats.

Air New Zealand's B777-300ER is notable for its new Skycouch economy-class seats, which are equipped with footrests that can be raised to create a sofa-type sleeping surface across three seats.

And this is the only place on the West Coast to see the A380, the world’s largest commercial airliner, which Qantas pulled from service for a period after an engine on that model failed after takeoff from Singapore in November, forcing the pilots to return the plane to the airport. Earlier this month, Qantas resumed A380 service betweeen LAX and Australia.

Those attending Sunday’s event have several parking options. They can park in Lots 1 or 2 in the central terminal area, where short-term rates are $3 for the first hour and $2 for each 30-minute period after that. Or they can go to Parking Lot C, the long-term lot with shuttle service to the terminal, which is free for the first two hours and $1 for each additional two hours after that.

FlyAway service from Van Nuys, Westwood, Irvine and Union Station is also available. Passengers going to the Observation Deck should depart at Terminal 2.

The Observation Deck, which reopened last year after being shuttered after 9/11, is open to the public on Saturdays and Sundays from 8 a.m. to 5 p.m. Personal belongings are inspected before visitors enter the elevator to the Observation Deck.

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Friday, November 12, 2010

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