McBank on
VB...
"We believe VBA continues to look cheap relative to the net tangible assets per share adjusted for the low end market value of the Virgin's fleet. Once the churn from existing TOL shareholders dies down, we believe the share price will return to a range between $0.63-0.80."
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McBank on QF...
"We retain our Neutral recommendation; however, the most recent traffic data highlights potential downside risk to our financial year 2009 revenue forecasts, which assumes an 8.8% increase in passenger yields compared to ~3% in July."
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