'Maybe it won't be so bad next year, there will still be sunshine.'
It's not all dark for 2023 with Kenanga Research putting a positive outlook on Malaysia's aviation industry.
In its updated note, Kenanga Research predicts that the number of tourist arrivals into the country will double to 9.6 million in 2023 compared to 2.5 million previously.
Of course the reopening of international borders took center stage in the note with the return of business and commercial air travel around the world.
Factors in the cancellation of quarantine on arrival and testing requirements in Malaysia and the reopening of China are expected to account for about 12% of the number of tourists entering the country next year.
Firms are also seen citing Malaysia Airports Holdings Bhd (MAHB) and Capital Bhd as among the main leaders of the local aviation industry.
He commented that the passenger capacity of the entire MAHB system is expected to increase by 29% to 101 million for 2023 and increase by 15% to 116 million for 2024.
As for Capital A, the firm projects passenger kilometers (RPK) as a result of the company's entire system will grow 52% at 35 billion during 2023 but still below the pre-pandemic performance of 63 billion in 2019.
As a result, Kenanga Research seems to maintain a 'neutral' rating on the local aviation industry.
