THY announced that it would purchase fifteen A330-300
aircraft (widebody aircraft, mostly used in long haul flights) from Airbus
starting 2014. The planned delivery schedule for the aircraft is 4 four 2014, 6
for 2015 and 5 for 2016. No further details are available.
Comment: This is good news for Turkish Airlines as it would
be supportive of the company’s long-term growth, albeit at a limited extent.
THY has more than 200 aircraft in its fleet (37 widebodies, 17 of which are
A330s) including those leased on a short-term basis from other airlines.
We assume this deal is related with the company’s speculated
long-term widebody aircraft purchase plan. We note that this order might be
followed by a similar order for widebody aircraft again from Boeing. The net
impact of these additions on capacity will be limited, also because we estimate
these aircraft will most replace its aging A340 fleet (widebody aircraft again)
which the company has eight in the fleet. The widebody aircraft deliveries
within the company’s existing long-term aircraft acquisition plan had been
completed as of this year with no further scheduled deliveries left for the upcoming
years. The cost for fifteen A330 aircraft would be about USD3.3b at list prices
but we estimate THY will be getting a discount of about 30% to 40% for the
order.
THYAO TI, TP and rating U/R
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