royal bank of scotland group plc says buy, page-9

Overall VBA held up well today after 8.8% yesterday.

So, where are we at?

The market is now expecting above trend economic growth next year, the AUD is expected to hit parity with the USD sooner rather than later, broker upgrades coming through, obvious buy side participation, macquarie airports announced total passenger traffic for September was estimated to have increased 4.9% on the pcp with domestic traffic estimated to be up 4.2% on the pcp and international traffic up 7.3% on the pcp, QAN yesterday told the market via their AGM that there is no further deterioration and they see some encouraging signs (I think its a little bit more than encouraging)and data (GDP, retail, industrial production) out of China today reinforces the whole growth story. IMO all these factors will continue to drive VBA's share price higher. My question is, how long before VBA comes out with a profit upgrade?

On the side I was watching sky business last night and they asked this fund manager about his view on VBA. He said - we never invest in airlines, there to capital intensive and their always chasing their tail. He finished off by saying that airlines are all to hard. Can you believe this tool, I'm glad I don't have any money with him. If he can't value VBA I wonder how he values Newscorp. Valuing VBA is not rocket science. He obviously had no idea.